Kroger Plaza
1822 Republic Rd, Virginia Beach, VA, 23454, US
67,540 sf
Description
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee simple interest in Pinnacle Bank located at 8 East Main Street in Salem, Virginia (“Property” or “Asset”). Pinnacle is operating on 15-year absolute NNN lease with ±12.1 years of primary lease term remaining, 1.9% annual rent escalations, two, five-year renewal options and zero landlord responsibilities.
This unique opportunity allows investors the ability to acquire long-term passive income from an investment grade bank tenant with a significant deposit base from its local community.
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Attributes
Asking price
$3,319,000
Cap rate
6%
NOI
$200,000
WAULT
12 years
Building area net
6,774 sf
Media
Investment highlights
- Operating on an absolute NNN lease with ±12.1 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)
- Prime location adjacent to the #1 ranked Roanoke College and near the Salem VA Medical Center (78,000 annual patients)
- Only Pinnacle Bank in Salem ($46M deposits), located near a top 5 most visited retail center in a 50-mile radius
- Affluent demographics with $99K average household incomes and direct visibility on Main Street (13,000 VPD)
Contact brokers
Pinnacle Bank – Salem, VA (0 Properties)
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Last updated
Oct 21, 2025
