C HA RLOTTE , NC
SunTrust Bank
Asking Price: Cap Rate:
BOSTON, MA | CHAPEL HILL, NC | CHARLOTTE, NC | JUPITER, FL | LOS ANGELES, CA | PITTSBURGH, PA | ATLANTICRETAIL.COM
ASKING PRICE $1,650,000CAP RATE 5.50%
© ATLANTIC RETAIL 2018 The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.
Robey Spratt704.697.1901 [email protected]
Roy Crain704.697.1903 [email protected]
DENSELY POPULATED MARKET
The subject property serves as an outparcel to Carmel Commons. The center is anchored by The Fresh Market, Pet Supplies Plus, Party City, Rite Aid, and numerous retailers & restaurants. The site sits directly on Pineville-Matthews Rd (Hwy 51) which serves as South Charlotte’s primary east/west thoroughfare carrying over 44,000 vehicles per day. South Charlotte is home to some of the city’s most affluent neighborhoods and
highest density residential pockets.
PROMINENT CHARLOTTE LOCATION
The Pineville Matthews Rd and Johnston Rd corridor is one of Charlottes most competitive trade areas because of limited retail/commercial space. The benefits of the area include proximity to I-485 (1.4 Miles), the cities beltway which carries over 90k vehicles per day, the mere 10 mile distance from Uptown Charlotte, and the dense population of office, schools, and
rooftops.
QUALITY INVESTMENT OPPORTUNITY
S. Charlotte is a top suburban Carolina’s market with high barriers to entry and increasing demand for residential housing and commercial goods and services, which gives the property significant underlying value. The lease is guaranteed by an investment grade tenant and was recently renewed for 10 years with no landlord responsivities and annual rent increases of 1.5 percent. for 10 years with no landlord responsivities and annual rent increases of 1.5 percent. renewed for 10 years with no landlord
responsibilities and annual rent increases of 1.5 percent.
ATLANT ICRETAIL .COM | 1SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | INVESTMENT H IGHL IGHTS
Investment Highlights
ATLANT ICRETAIL .COM | 2SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | LEASE SUMMARY
Lease SummaryTENANT Suntrust
GUARANTOR Corporate
ASKING PRICE $1,650,000
CAP RATE 5.50%
ADDRESS 7801 Pineville-Matthews Rd Charlotte, NC 28226
BUILDING SIZE 2,067 SF
LAND SIZE 1.1478 Acres
YEAR BUILT 1990
PARKING 36 Spaces
ANNUAL RENT $90,165.03
LEASE TERM 9 Years/First Renewal Option Exercised
LEASE TYPE NNN
COMMENCEMENT January 1, 2007
EXPIRATION December 31, 2027
INCREASES 1.5% per Annum
OPTIONS 6 x 5-year options remaining. 4th, 5th, 6th, & 7th options are at FMV
LANDLORD No Responsibilities
Rent ScheduleYEARS NOI INCREASE11 1/1/2018 - 12/31/2018
$90,615.03($43.84/SF)
1.5%
121/1/2019 - 12/31/2019
$91,974.25($44.50/SF)
1.5%
13 1/1/2020 - 12/31/2020
$93,353.87($45.16/SF)
1.5%
14 1/1/2021 - 12/31/2021
$94,754.17($45.84/SF)
1.5%
15 1/1/2022 - 12/31/2022
$96,175.49($46.53/SF)
1.5%
16 1/1/2023 - 12/31/2023
$97,618.12($47.23/SF)
1.5%
17 1/1/2024 - 12/31/2024
$99,082.39($47.94/SF)
1.5%
18 1/1/2025 - 12/31/2025
$100,568.63($48.65/SF)
1.5%
19 1/1/2026 - 12/31/2026
$102,077.16($49.38/SF)
1.5%
20 1/1/2027 - 12/31/2027
$103,608.31 ($50.12/SF)
1.5%
ATLANT ICRETAIL .COM | 3SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | S ITE PLAN
ATLANT ICRETAIL .COM
PINEVILLE, NC
© ATLANTIC RETAIL 2018 The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.
Pineville-Matthews Rd
Johnston Rd
Car
mel
Rd
53,000 ADT
30,000 AD
T
CHARLOTTE CATHOLIC HIGH
SCHOOL 1,500 Students
ATLANT ICRETAIL .COM | 4SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | S ITE AER IAL
AT LANT ICR E T AIL .CO M
PINEVILLE, NC
© ATLANTIC RETAIL 2018 The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.
Pineville-M
atthews R
d
Carm
el
Rd
485
Johnsto
n R
d
53,000 ADT
121,0
00 A
DT
TOWER PLACE FESTIVAL
CARMEL COMMONS
FORMER
MCMULLEN CREEK MARKET
PINEVILLE
CHARLOTTE CATHOLIC HIGH
SCHOOL 1,500 Students
ATLANT ICRETAIL .COM | 5SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | S ITE AER IAL
ATL ANT IC RETAIL . C O M
CHARLOTTE, NC
© ATLANTIC RETAIL 2018 The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it.
Pineville-Matthews Rd
485
485
53,000 ADT
121,000 ADT
Pro
vid
ence R
d
WAVERLY
REA FARMS
RELOCATING
PLANNED
THE PROMENADE
STONECREST
THE ARBORETUM
SHOPPING CENTER
CARMEL COMMONS
MCMULLEN CREEK MARKET
THE CENTRUM
CAROLINA PLACE MALL
CAROLINA PAVILION SHOPPING CENTER
FORMER
78,000 ADT
ATLANT ICRETAIL .COM | 6SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | REG IONAL AER IAL
Headquartered in Atlanta, GA, SunTrust Bank was established in 1891 and is one of the Country’s largest financial institutions with approximately $204 billion in assets as of August 13, 2018. SunTrust operates approximately 1,400 branches and 2,160 ATMs across 11 States primarily focused in the Southeastern U.S. and Washington, D.C. SunTrust is a diversified financial services company offering a broad range of retail and commercial banking products including lending, credit cards, investment banking, wholesale banking, mortgage banking, wealth management, trust and investment services.
ATLANT ICRETAIL .COM | 7SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | TENANT PROF ILE
Suntrust Bank
PARENT COMPANY SunTrust Bank, Inc.
STOCK SYMBOL NYSE: STI
HEADQUARTERS Atlanta, GA
LOCATIONS (2018) 1,400
EMPLOYEES (2018) 24,000
ASSETS (2018) $204 Billion
CREDIT RATING S&P: A-
WEBSITE suntrust.com
SunTrust Bank Quick Facts
Charlotte is experiencing booming economic growth. Jobs are on the rise and unemployment is rapidly declining. With an increase by 3.5% in job growth in 2016, Charlotte is ranked as one of the fastest growing metros by Gross Domestic Product. Charlotte consistently ranks as top place for business and is characterized by wide variety of industries including Manufacturing, Finance and Banking, Healthcare and Logistics. More than 290 Fortune 500 firms are represented in the MSA and eight Fortune 500 Headquarters call the Charlotte region home.
ATLANT ICRETAIL .COM | 8SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | LOCAT ION OVERVIEW
Location Overview
LEADER IN FINANCEDowntown Miami has one of the largest concentrations of international banks in the United States, and is home to many large national and international companies.
198,329EST POPULATION IN 5 MILE RADIUS
$96,494AVG HH SPENDING IN 5 MILE RADIUS
$114,239AVG HH INCOME IN 5 MILE RADIUS
53,000ADT ON
PINEVILLE-MATTHEWS
AFFLUENT METROPOLITAN MARKET
Charlotte, NC has vast business culture and is known as a top three banking center in the United States. The city is home to the headquarters of Bank of America and the east coast operations for Wells Fargo. The other major Fortune 500 employers include Lowes, Duke Energy, Nucor, Sonic Automotive, and Sealed Air Corp. The city is consistently ranked as a top market for Business’ and Careers.
ATLANT ICRETAIL .COM | 9SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | CHARLOTTE METROPOL ITAN AREA
Charlotte Metropolitan Area
BUSINESS
MAJOR EMPLOYERS
509,720TOTAL EMPLOYEES
31,929TOTAL BUSINESSES
Charlotte is the 2nd largest financial center in the country. More than 56,000 people are employed in this industry in Mecklenburg County.
Carolinas HealthCare System
Wells Fargo
Charlotte Mecklenburg Schools
Wal-Mart Stores Inc.
Bank of America
Lowe’s Companies Inc.
Novant Health
American Airlines
35,500
23,000
18,143
17,100
15,000
12,960
11,000
11,000
SOURCE: CHARLOTTE CHAMBER
Charlotte is the most populous city in the state of North Carolina and the county seat of Mecklenburg County. The city of Charlotte itself has a population of nearly 900k, making it the 17th largest city in the United States. The MSA of Charlotte ranks number 22 in the county with over 2.4 million residents. Charlotte is peren-nially ranked as one of the top 5 fastest growing major cities in the United States.
CHARLOTTE AREA ATTRACTIONS
1. South Park Mall2. Uptown Charlotte3. Carolina Panthers Stadium 4. University of North Carolina Charlotte5. Concord Mills6. Nascar Hall of Fame 7. Northlake Mall8. Lake Norman9. Carowinds
ATLANT ICRETAIL .COM | 10SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | CHARLOTTE METROPOL ITAN AREA
Charlotte Metropolitan Area
1
32
4
5
6
7
8
9
ATLANT ICRETAIL .COM | 1 1SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | DEMOGRAPHICS
Demographics2018 DEMOGRAPHICS 1 MILE 3 MILE 5 MILE
PO
PU
LA
TIO
N
Estimated Population 13,134 76,770 198,377
2023 Projected Population 14,393 84,507 219,277
2010 Census Population 12,358 71,379 171,865
2000 Census Population 10,818 62,611 130,289
Projected Annual Growth (2018-2023) 1.90% 2.00% 2.10%
Historical Annual Growth (2000-2010) 1.40% 1.40% 3.20%
Estimated Households 6,077 33,490 81,116
2023 Projected Households 6,581 36,305 88,195
2010 Census Households 5,780 31,287 71,073
2000 Census Households 4,671 26,261 53,061
Projected Annual Growth (2018-2023) 1.70% 7.70% 1.70%
Historical Annual Growth (2000-2010) 1.70% 1.50% 2.90%
INC
OM
E
Est. HH Income $200,000+ 6.4% 14.1% 15.7%
Est. HH Income $150,000-$199,999 8.1% 7.5% 9.2%
Est. HH Income $100,000-$149,999 5.5% 6.0% 7.3%
Est. HH Income $75,000-$99,999 12.4% 12.5% 13.1%
Est. HH Income $50,000-$74,999 21.1% 16.8% 15.8%
Est. HH Income $35,000-$49,999 16.3% 11.9% 10.5%
Est. HH Income $25,000-$34,999 9.1% 7.8% 6.7%
Est. HH Income $15,000-$24,999 9.3% 7.8% 6.1%
Est. HH Income Under $15,000 1.4% 2.3% 2.1%
Est. Average Household Income $84,388 $119,180 $125,146
Est. Median Household Income $65,815 $83,181 $92,237
RA
CE
Est. White 66.4% 67.3% 69.0%
Est. Black 17.8% 18.2% 16.1%
Est. Asian or Pacific Islander 6.1% 6.3% 6.8%
Est. American Indian or Alaska Native 0.4% 0.3% 0.3%
Est. Other Races 6.3% 5.2% 5.1%
Est. Hispanic Population 2,074 9,502 24,816
Est. Hispanic Population 15.8% 12.4% 12.5%
2023 Projected Hispanic Population 17.0% 13.4% 13.5%
2010 Hispanic Population 15.4% 11.9% 11.7%
ATLANT ICRETAIL .COM | 12SUNTRUST BA N K - 7801 P INEVIL L E-MATTHEWS RD | CONF IDENT IAL ITY & D ISCLAIMER
Confidentiality & Disclaimer
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Atlantic Retail and should not be made available to any other person or entity without the written consent of Atlantic Retail. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Atlantic Retail has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Atlantic Retail has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.