|Gross Leasable Area (GLA)||5,944 Sq.Ft.|
|Price Per Square Foot (GLA)||$604|
|Lot Size||0.74 Acres|
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.