Pinnacle Bank - Kernersville, NC_Property for Sale

211 Broad Street, Kernersville, NC, 27284, US

Pinnacle Bank - Kernersville, NC

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple Pinnacle Financial Partners located at 211 Broad Street in Kernersville, North Carolina (“Property” or “Asset”). Pinnacle is operating on 15-year absolute NNN lease with ±12.3 years of primary lease term remaining, 1.9% annual rent escalations, two, five-year renewal options and zero landlord responsibilities.

Kernersville is a town in Forsyth County and the largest suburb of Winston-Salem with a population of approximately 25,000. Located 9 miles from downtown Winston-Salem and 15 miles from downtown Greensboro, the Property is positioned at the hard corner of Broad Street and Harmon Lane, just north of the Interstate 40 exit with direct accessibility to 52,500 vehicles per day and convenient access to the rest of the Piedmont region.

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Attributes

Asking price

PLN 13,826,000

Cap rate

5.25%

NOI

PLN 726,000

WAULT

12.3 years

Building area net

613 m²

Land area gross

0.61 ha

Media

Investment Highlights

Operating on an absolute NNN lease with ±12.3 years of lease term remaining and 1.9% annual rent escalations
Pinnacle Financial Partners is the 2nd largest bank holding company in TN with an investment grade rating (Moody's: Baa2)
Exceptional deposits of $435 million (strongest in Forsyth County)
Strong demand characteristics driven by 5-mile AHHI of $107K
Adjacent to the #8 most visited Walmart location in North Carolina
Signalized intersection, just north of I-40 with 52,500 VPD