Bank of America

Bank of America

Bank of America
902 North Pebble Beach Boulevard
Sun City Center, Florida 33573

$3,473,750

Cap Rate 4.75%
Gross Leasable Area (GLA) 5,944 Sq.Ft.
Price Per Square Foot (GLA) $604
Year Built 1978
Lot Size 0.74 Acres
  • Over 11 Years Remaining on the Ground Lease
  • 12 Percent Rent Increases Every Five Years
  • Over $130 Million in Deposits
  • S&P Credit Rating of BBB+
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Confidentiality and Buyer Registration Agreement

Marcus & Millichap Real Estate Investment Brokerage Company (“Broker”) has been asked to serve in the capacity of exclusive agent for the (“Seller”) regarding the potential sale of the properties known as: Bank of America (the "Property").

To receive financials and other vital data please read, sign and return this completed Confidentiality Agreement to Broker. The property information has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information that prospective Buyers may need or desire. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property.

By accepting the financial reports and market data, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney’s fees, collectively “Claims”) arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney’s fees and court costs which James Medefind or Marcus & Millichap REIS may be incurred with respect to any claims for other real estate commissions, broker’s fees or finder’s fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

The Financial Reports and market data, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the property information, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the information or any of the contents to any other entity (except to outside advisors retained by you, if necessary for you determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the information or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

No employee of Seller or at the subject property is to be contacted without the written approval of the agent and doing so would be a violation of this confidentiality agreement.

Marcus & Millichap is pleased to exclusively offer for sale this 5,944-square foot freestanding Bank of America with three drive-through lanes and a stand alone ATM machine, located in Sun City Center, Florida. The property lies near the lighted intersection of busy Sun City Center Boulevard and North Pebble Beach Boulevard. The property is a well located outparcel to a 97,400 square foot shopping center anchored by Save-A-Lot. Other outparcels to the shopping center include Wells Fargo, Chase Bank, and SunTrust; Winn-Dixie, CVS, PNC Bank and Walgreens are also in close proximity.

Bank of America has more than eleven years remaining on the base term of the lease with two, 5 year options. There are 12 percent rent increases beginning in 2023. This rate schedule provides a new investor with a blended average unleveraged return of 5.03 percent during the base term of the lease. This location has over $130 million in deposits. In addtion, this location is in the top 25 percent of any Bank of America in both Hillsborough and Pinellas Counties, making this a strong long term tenant.

Sun City Center is an age-restricted community whose population has grown by 33 percent since 2010. It consists of single-family homes, duplexes, townhomes, apartment buildings and has its own hospital and several nursing home facilities. There are seven golf courses in the area, as well as various indoor and outdoor activities. The property caters to the local residents and business; the average household income is $62,901. Sun City Center is an attractive retirement area for people all over the country who are looking to take advantage of the Florida sun as well as the various activities and amenities Sun City Center has to offer.

For More Information, Please Contact:

Armando Rodriguez

Associate
(813) 387-4806
Armando.Rodriguez@MarcusMillichap.com