January 19, 2018 – Bob Horvath, Todd Tremblay and Kyle Danielson of Horvath & Tremblay have successfully completed the sale of the ground lease to SunTrust Bank in Fuquay Varina, NC. Horvath & Tremblay represented the buyer to close the property for a sale price of $1,205,000, a 5.47% cap rate.
SunTrust Bank operates on a triple net ground lease with over 11 years remaining on the base term of the lease and four, 5-year renewal options. Fixed rental increases are scheduled every five years throughout the base and option terms of the lease. The property is strategically positioned within a main shopping district in front of a Walmart and Home Depot anchored super center. Additional tenants in the retail center include: Staples, PetSmart and GameStop. SunTrust Bank is located off of North Main Street a main retail corridor and traffic thoroughfare traveling through the town. Drawing local and regional visitors to the area are national tenants including: Kroger, Dollar Tree, Bank of America, Krispy Kreme, Walgreens, Taco Bell, Starbucks, Wendy’s, Ruby Tuesday, AutoZone, Food Lion, Tractor Supply Co and many others.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.