Fifth Third Bank - Delray Beach, FL_Property for Sale
Fifth Third Bank - Delray Beach, FL_Property for Sale
5026 West Atlantic Avenue, Delray Beach, FL, 33484, US

Fifth Third Bank - Delray Beach, FL

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”), is pleased to exclusively offer for sale the ground leased interest in the new construction Fifth Third Bank located at 5026 West Atlantic Avenue in Delray Beach, FL (the “Property” or “Asset”). Fifth Third Bank is among the largest money managers in the Midwest, carries an investment grade credit rating (S&P: A-), and has been named one of the World’s Best Private Banks by Global Finance for four consecutive years. The tenant signed a new 20-years lease with 10.0% rental increases every 5 years across the primary lease term and the four, 5-year renewal options.


Located on a major retail corridor in Delray Beach, the Property benefits from the ease of access to both Interstate-95 and Florida’s Turnpike. The Property is an outlot to the recently redeveloped and rebranded Delray Landing shopping center, which features a brand-new Sprouts Farmers Market. The Property is also an outparcel to the Delray Square Shopping Center, a highly trafficked shopping center in the region with over 1.5 million visitors annually and 9+ retailers, including a Publix Supermarket that is ranked in the 89th Percentile of all Publix stores in the nation (per Placer.ai).


The Property benefits from the 19% population growth that has occurred in the past decade within a five-mile radius. The Asset is located on west side of Delray near Legacy at Sherwood Park Golf Course. The Property is within a residential and retail trade area along Atlantic Avenue and South Military Trail with direct exposure to over 84,500 vehicles per day. It is less than twenty-miles from the Palm Beach International Airport and Florida Atlantic University, an 850-acre academic campus with over 30,000 students enrolled annually.

...

Attributes

Asking price
₫87,525,413,000
Cap rate
4.5%
NOI
₫3,938,009,000
WAULT
20 years
Year built
2024
Building area net
177 m²
Land area gross
0.22 ha
Occupancy
100%

Media

Investment Highlights

  • New Construction Property with 10% Rent Bumps Every 5-years of Base Term
  • Ground Lease with Zero Landlord Responsibilities, with 20 Years of Lease Term Remaining
  • 19.9% Population Growth within A 5-mile Radius of The Property
  • Average Household Income of $132K Within A 5-mile Radius
  • Situated Along Atlantic Ave & S Military Trail (84,500 VPD)
  • Proximate to Top Performing Publix In The Nation (Placer.Ai)
  • Outparcel to A Recently Renovated Shopping Center with A New Sprouts
Fifth Third Bank - Delray Beach, FL 4_Property for Sale

Contact brokers

Fifth Third Bank - Delray Beach, FL (0 Properties)

Similar properties

View moreChevron Right
Do you have any questions? visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
10 Dec 2024