Investment Offering – $3,570,000
Location: 14400 New Falls of Neuse Road, Raleigh, NC
|Current Rent: $214,200||Cap Rate: 6.00%|
|Lease Term: 10||Remaining Term: 8|
|Lease Type: NNN||Building Sq. Ft.: 3,924|
|Renewal Options: 2, Five Year Options|
- Parent Company: PNC Financial Services Group, Inc. (NYSE: PNC, S&P: A-) is one of the nation’s leading banks with approximately 2,700 branches, more than 8,750 ATMs and more than 6 million consumer and small business customers across 19 states and the District of Columbia
- Credit Tenant: The lease is guaranteed by PNC Bank, N.A. (S&P: A) which is PNC’s retail banking subsidiary
- NNN Lease: 10-year lease with 8 years of primary lease term remaining and two 5-year options to renew
- Recent Extension: PNC recently completed a 10 year lease extension after being at the site since 2003 signaling their continued commitment to this location
- Strategic Location: Ideally situated on more than 24 acres and is strategically located at the intersection of Capital Boulevard (48,786 Vehicles per Day) and New Falls of Neuse Road at the gateway to Wakefield Plantation, a 2,200 acre master planned community of single-family and townhome subdivisions. The location offers excellent visibility and easy access with ample parking. The property is part of a 160,000-square-foot Neighborhood Center anchored by the high end Marquee Cinema with 12 screens. The immediate intersection is densely developed with a 36,000-square-foot Harris Teeter and an 182,000-square-foot Walmart Center. Adjacent to the property is a Class A medical office building which houses the 105,000 square-foot Rex Healthcare campus which provides residents of northern Wake County with state-of-the-art, essential wellness and hospital services.
- Dynamic Demographics: Average annual household income of $102,539 and population of 46,191 within a 3-mile radius and an expected growth of 12% in the next 5 years.
- Strong Market: The City of Raleigh is ideally situated just 30 minutes northeast of Raleigh-Durham International Airport. It is one of the fastest growing cities in the country, with a current population of more than 403,000. With a low cost of living, quality health care, and ready access to abundant recreational activities, the Triangle region of North Carolina offers a highly desirable place for businesses to attract and retain skilled workers. The Raleigh market in particular, has historically been one of the nation’s top performers as it relates to business development. The area consistently ranks #1 among several annual national surveys due to the areas low cost of doing business and North Carolina’s favorable right-to-work laws.