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Asking Price
NOI Net Operating Income
Cap Rate

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Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2004
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Land Area

Property Description

Jones Lang LaSalle (JLL) Capital Markets, Net Lease is pleased to exclusively offer a premier net lease opportunity to acquire a single tenant, ground leased Bank of America located in Lantana, Florida — a coastal South Florida town near I-95 (251,000 VPD) and less than 15 minutes from West Palm Beach. 

Investment Highlights

  • 5.5 years of ground lease term remaining and 12-15% increases in every option with the 2nd largest bank in the U.S. 
  • Bank of America has investment-grade credit from Moody’s (Aa2), S&P (A+), and Fitch (AA-)
  • Bank of America has the #1 market share in Palm Beach County at 19% with $10.1 billion in deposits
  • Below-market rent of $24.89 per square feet — 22% less than Palm Beach County average bank rents of $31.97 per square feet (CoStar)
  • Recent asking rents for bank properties in Palm Beach County exceed $40 per square feet due to only 2.6% availability
  • Directly 9 miles south of West Palm Beach and 31 miles north of Fort Lauderdale along US-1 (19,300 VPD). 
  • Less than 1 mile east of I-95 which carries 251,000 vehicles per day through South Florida
  • Dense, coastal location with high geographic barriers to entry and 83,127 residents within 3 miles
  • Located in the grocery-anchored Lantana Village Square featuring Winn-Dixie and West Marine
  • Located in 13.5 million square feet industrial submarket and 1,270 hotel rooms in 1 mile
  • Recent developments include Aura Seaside (250 apartments) and The Preserve at Hypoluxo (49 townhomes)
  • Related Group is building Water Tower Commons to feature 340K square feet of commercial space and 1,091 apartments


Last Updated Date: 01 Oct 2020
Michael Brewster
Michael Brewster
Director, Capital Markets
License details
FL-SL3280018
Bradley Peterson
Brad Peterson
Senior Managing Director, Orlando Office Head
License details
FL-BK3162030 AL-000088844-0 GA-256948 NC-323216

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Last Updated Date: 01 Oct 2020

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