Investment Overview

Marcus & Millichap is pleased to present for sale a Bank of America in Fredericksburg, VA. The property consists of 4,493-square feet of gross leasable area and is situated on a 1.37-acre lot (59,677 SF). The subject is comprised of a single-story building with three drive-through lanes, 26 parking spaces, and is positioned on a hard corner at the four-way, signalized junction of Harrison Road and Plank Road. Bank of America is on a corporately guaranteed Triple-Net (NNN) ground lease through November 4, 2033, with 9.5 years remaining in the base term and 5, five-year extension options. There are attractive 10% increases every five-years during the base term and each option period. The tenant is responsible to pay all expenses (CAM, Taxes, and Insurance) and maintain the roof and structure of the building. Upon the expiration or termination of the lease, the rights to the improvements will become property of the landlord. The lease is guaranteed by Bank of America, N.A., the fifth largest holding company in the world. Bank of America, N.A. (NYSE: BAC) is the 32nd largest company in the 2023 Fortune 500 index with an S&P credit rating of A+ and more than $3.18 trillion in total assets. The subject property sits on a hard corner at the four-way signalized intersection of Harrison Road (14,000 Vehicles Per Day) & Plank Road (83,616 Vehicles Per Day). Plank Road is the main east-west commuter road running through Chancellor and Fredericksburg, VA. Bank of America is directly across the street from the Harrison Crossing Mall (280,000 SF), anchored by Home Depot, Stop & Shop, and Petco. The area is surrounded by numerous national retailers such as Starbucks, Walgreens, Wendy’s, Wells Fargo Bank, and Lidl, Among Many Others. There are 91,018 people living within a 5-mile radius with an average household income of $110,518 The subject property provides an opportunity for qualified investors to purchase a long-term NNN ground lease, tenanted by one of the largest banking institutions in the nation, located on a heavily trafficked intersection in a dense and affluent area.