February 22, 2022 – Brendan Conway, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of Truist Bank in Florence, Kentucky. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $2,250,000.
Truist Bank is located at 1065 Burlington Turnpike in Florence, Kentucky. The tenant has been at this location for more than 30 years (since 1991) and just exercised their renewal option extending their lease for a period of five (5) years. Truist Bank has 4+ years remaining on their Absolute NNN Lease with two (2), 5-year renewal options remaining. The lease features a significant 21% rent increase at the start of their next renewal option and a 10% rent increase at the start of their second renewal option The Truist Bank branch location features excellent frontage and visibility along Burlington Pike (KY Route 18) with two points of access, three drive-thru lanes, and an ATM. The Property is 1-mile from Interstate 71/75, adjacent to Dunkin Donuts and just 3-miles from the Cincinnati/Northern Kentucky International Airport, named the Top Cargo Airport in the world by Air Cargo World at the 2020 Air Cargo Excellence (ACE) Awards. Additionally, Amazon is spending $1.5 billion to build a 3 million square foot air cargo hub 1-mile north of the subject property that will create 2,000 jobs.
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.