Investment Grade Credit Tenant: Bank of America (S&P: A+) – 2nd Largest Bank in the U.S. – $2.325 Trillion in Total Assets – The subject property is leased to Bank of America, one of the world’s leading financial institutions. Based in Charlotte, North Carolina, with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto, Bank of America is the second largest banking institution in the United States, after JPMorgan Chase. As a part of the Big Four, it services approximately 10.73% of all American bank deposits, in direct competition with Citigroup, Wells Fargo, and JPMorgan Chase. As the sixth largest American public company, it garnered $91.24 billion in sales in FY2018 and was named the “Best Bank in the World” by Global Finance magazine.
New Prototype Design – Hub Location for Tenant – Merrill Lynch Wealth Management Division Location – This location will be a “HUB” location for Bank of America and will contain a Merrill Lynch Wealth Management Division, offering customers more than just your standard bank branch offerings for consumer banking. Due to the additional employees and services at this location, the subject property boasts a new and efficient prototype building design for Bank of America.
New 15 Year Absolute NNN Ground Lease – January 2020 Commencement – 10% Rent Escalations Every 5 Years – Within New Shoppes at Library Park Shopping Center – Currently under construction, the Property will consist of a 4,050-square-foot retail building with multiple drive-thru teller lanes situated on a 0.79-acre lot. The property sits within the new Shoppes at Library Park shopping center that also consists of a new two-tenant retail building that is estimated to be open in February 2020. The adjacent two-tenant property is leased to Smoothie King and Lady Jane Haircuts for Men.
Bank of America’s new 15-year Absolute NNN ground lease will commence January 14, 2020 and features 10% rent increases every five years in the Primary Term and (6) 5-year Options, providing an investor with a strong credit passive income stream with rent growth.
Near Cummins Corporation’s New $35M, 100,000-SF Digital & Information Tech Hub Office – Cummins Corporation recently announced it would be locating its new, $35 million digital and information technology hub in Greenwood, underscoring its growing employment base, as well. The company plans to build a 100,000-square-foot office building that will house 500 employees.
Outstanding Visibility Along SR-135 at Smith Valley Rd (Combined 51,000+ CPD) – Dense Retail Corridor – Centrally Located to Nearby Freeways – The subject property is located along State Road 135 (34,000 CPD) near the intersection of Smith Valley Rd (17,000 CPD), offering outstanding visibility to combined traffic counts over 51,000 cars per day. This heavily-trafficked intersection is a major retail corridor, with big-box retailers such as Super Target, Home Depot, Walmart Supercenter, Menards, Meijer, Aldi, and others, supporting a huge customer draw to the trade area. The property is centrally located between Hwy 37 (currently being upgraded to I-69) & 31, offering quick access to Downtown Indianapolis just 15 miles to the north.
Located in the Highly Desirable White River Township – One Of Indiana’s Fastest Growing Communities – Affluent Demographics Offer Ideal Location for Tenant’s Concept – The subject property is located within the desirable White River Township and pulls consumers from both Center Grove, IN (home of the highly sought-after Center Grove school system) and Greenwood, IN. Located just 15 miles south of Indianapolis, Greenwood’s population is estimated to be 58,778, making it the most populous municipality in the southern portion of the Indianapolis Metropolitan Area. As a bedroom community for Indianapolis, Greenwood is one of Indiana’s fastest-growing cities, with a reputation for hospitality and a great sense of community, making it a a popular destination for families seeking homes in the Central Indiana Region.
The surrounding area is densely populated with over 156,000 residents within a 5-mile radius of the subject property. The subject property is strategically located to pull new customers from the affluent community of Center Grove and thus lending well to their Merrill Lynch Wealth Management Division.