Bank of America
637 State Road 135 Greenwood, IN 46142
Price: $2,100,000
Status: Sold
Cap Rate: 4.76%
Year Built: 2020
NOI: $100,000
Lot Size: 0.79 acres
Price Per Foot: $518
Lease Type: Triple-Net (NNN) Ground Lease
Remaining Term: 15 Years
GLA: 0.79 acres
Property Intro
Lee & Associates is pleased to exclusively offer for sale, the fee simple leasehold interest (ground lease) in a brand-new Bank of America property located in Greenwood, Indiana (Indianapolis MSA) (the “Property”). Expected to open May 1, the Property consists of a 4,050-square-foot retail building with multiple drive-thru teller lanes and is situated on a 0.79-acre lot. The property sits within the new Shoppes at Library Park shopping center that additionally contains a new two-tenant retail building leased to Smoothie King and Lady Jane Haircuts for Men on corporate leases.
investment highlights
- INVESTMENT GRADE CREDIT TENANT: BANK OF AMERICA (S&P: A+) • 2ND LARGEST BANK IN THE UNITED STATES • $2.325 TRILLION IN TOTAL ASSETS (2018)
- 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 BANK OF AMERICA PROTOTYPE DESIGN • HUB LOCATION FOR TENANT • MERRILL LYNCH WEALTH MANAGEMENT DIVISION WILL OPERATE AT THIS 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 TRIPLE-NET (NNN) GROUND LEASE • JANUARY 2020 RENT COMMENCEMENT • 10% RENT ESCALATIONS EVERY 5 YEARS • WITHIN NEW SHOPPES AT LIBRARY PARK SHOPPING CENTER
- Expected to open May 1, the Property consists 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 leased to Smoothie King and Lady Jane Haircuts for Men.
- Bank of America’s new 15-year NNN ground lease commenced 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 NEWLY APPROVED $35M 100,000-SF DIGITAL & INFORMATION TECH HUB OFFICE FACILITY • 500 EMPLOYEES • GROWING EMPLOYMENT BASE IN THE TRADE AREA
- 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 STATE ROAD 135 AT SMITH VALLEY RD (51,000 CPD COMBINED) • DENSE RETAIL CORRIDOR • STRONG DRAW TO THE TRADE AREA
- 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.
- CENTRALLY LOCATED TO NEARBY FREEWAYS • QUICK ACCESS TO DOWNTOWN INDY • HIGHLY DESIRABLE CENTER GROVE DEMOGRAPHICS • IDEAL LOCATION FOR TENANT’S CONCEPT
- 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. 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.
- LOCATED IN THE HIGHLY DESIRABLE WHITE RIVER TOWNSHIP • LOCATED IN MOST POPULOUS MUNICIPALITY IN SOUTHERN INDIANAPOLIS MSA • ONE OF INDIANA’S FASTEST GROWING COMMUNITIES
- 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.
- Located within a day’s drive to 75% of the U.S. population, Greenwood offers businesses an outstanding location for success. Five interchanges connect the Greenwood area with Interstate 65, a major United States commerce corridor that connects seaports in the Gulf of Mexico (Mobile, Ala.) with Nashville, Louisville, Indianapolis and Chicago. Indiana’s Interstate 69 expansion (in progress) will parallel Greenwood’s west side and include three interchanges, including one for the cross street to the subject property, Smith Valley Road. Additionally, Greenwood is just 20 minutes from east-west interstates 70 and 74 for connecting to St. Louis, Cincinnati and Columbus.
- WITHIN INDIANAPOLIS MSA • PROXIMITY TO DOWNTOWN INDIANAPOLIS • DISTRIBUTION & LOGISTICS HUB • BEST PLACE TO TRAVEL • DIVERSE ECONOMY
- Greenwood is just 15 miles south of Indianapolis, the capital and largest city of the state of Indiana. It is the second largest city in the Midwest and the 15th most populous in the United States. Contributing to an annual gross metropolitan product of $125.9 billion, the Indianapolis metropolitan area is the 26th largest economic region in the U.S. and the 42nd largest in the world.
- Tourism and hospitality is an increasingly vital sector to the Indianapolis economy. Recognized as a Best Place to Travel in 2017 by Travel + Leisure Magazine, Indianapolis has become an international destination for visitors and business travelers alike.
- Indianapolis is a distribution and logistics center, as more interstate highways intersect with the city than any other in the U.S. This distinction has allowed the city to become an international transportation and logistics center, making it home to 1,500 distribution firms employing 100,000 workers, and earning the city the nickname of the “Crossroads of America”.
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