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PNC Bank Ground Lease 5224 Providence Rd

2,262 SF Retail Building Virginia Beach, VA 23464 £1,283,601 (£567/SF) 6.35% Net Initial Yield

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INVESTMENT HIGHLIGHTS

Absolute Net Ground Lease | Zero landlord responsibilities
2% annual rent increases
Proven location | Long operating history since 1993

Corporate lease | PNC Bank, N.A. | 2,600 locations across the US
Strong site commitment | Tenant has renewed for six options
Outparcel of Fairfield Village Shopping Center | Approx. 200K SF of retail space | Food Lion & TJ Maxx anchored | Recent renovations

EXECUTIVE SUMMARY

Ransome Foose and Carl Brendes of Berkeley Capital Advisors are pleased to present for sale PNC Bank Ground Lease in Virginia Beach, VA. We welcome your review of this attractive investment.

PROPERTY FACTS

Sale Type

Investment NNN

Sale Condition

Ground Lease (Leased Fee)

Property Type

Retail

Property Subtype

Bank

Building Size

2,262 SF

Building Class

Year Built

1977

Price

£1,283,601

Price Per SF

£567

Net Initial Yield

6.35%

NOI

£81,509

Tenancy

Single

Number of Floors

Building FAR

0.08

Lot Size

0.62 AC

Zoning

Parking

16 Spaces (7.07 Spaces per 1,000 SF Leased)

AMENITIES

Bus Route
Dedicated Turn Lane

Pylon Sign

Signalised Intersection

Drive Thru

MAJOR TENANTS

Finance and Insurance
2,262 SF
-
NNN
Apr 2028

PNC offers a wide range of services for all their customers, from individuals and small businesses, to corporations and government entities. No matter how simple or complicated a person's needs, they are sure to have the products, knowledge and resources necessary for financial success. The PNC Retail Bank supports the financial needs of millions of individuals, families and small businesses, and fosters lifelong banking relationships built on expert advice and financial solutions across deposits, payments, personal lending, credit card, wealth advisory and brokerage. Through their coast-to-coast branch network, which includes approximately many branches, many PNC and partner ATMs, thousands of highly skilled and knowledgeable bankers, and telephonic, online, and mobile banking channels, they empower their clients with the solutions they need to move forward financially.