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Wells Fargo (99-Year Ground Lease)

1700 59th St W, Bradenton, FL 34209

Listing Price: Request For Offer

Tenant Name
Wells Fargo
Years Remaining On Lease
57.8
Gross SF
4,611
Guarantor
Corporate Guarantee
Rentable SF
4,611
Lease Type
Ground Lease
Rent Per Square Feet
$20.71

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a corporately guaranteed Wells Fargo ground lease in Bradenton, Florida. The property consists of a 4,611-square-foot, freestanding building that sits on approximately 1.47 acres of land. There are approximately 57.8 years remaining on the current lease term, with rental escalations scheduled every five years (based upon 10% of appraisal value). Wells Fargo has been operating at this location since 1981. The property is located at the signalized hard corner of 59th Street and 17th Ave West, where combined traffic counts exceed 21,206 vehicles per day. The area is extremely dense with more than 156,554 residents within a five-mile radius. Area traffic drivers include HCA Florida Blake Hospital and Bradenton Country Club, Freedom Village of Bradenton Retirement Home and Bradenton Beach.

Investment Highlights

  • Long-Term Operating History - 99-Year Corporate Ground Lease with 57.8 Years Remaining
  • Rental Escalations Based Upon 10% of Appraisal Value Every Five Years - Property Value Increased $400,000+ Since Last Assessment Period
  • Well Below Market Rent - $1.50 PSF
  • Signalized Hard Corner Location on 59th Street and 17th Ave West (21,206 VPD)
  • Outparcel to a 13-Acre Medical Campus that is Home to HCA Florida Blake Hospital (1,471 Employees)
  • 1.4 Miles to the Private Bradenton Country Club and Award-Winning Donald Ross Golf Course
  • More than 156,554 Residents Within a Five-Mile Radius
  • Large 1.47 Acre Parcel with Ample Parking and Multiple Access Points

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s) FL: BK3154667

    Florida

Financing By

Bank

Wells Fargo (99-Year Ground Lease)

Listing Price: Request For Offer

Tenant Name
Wells Fargo
Years Remaining On Lease
57.8
Gross SF
4,611
Guarantor
Corporate Guarantee
Rentable SF
4,611
Lease Type
Ground Lease
Rent Per Square Feet
$20.71

Investment Highlights

  • Long-Term Operating History - 99-Year Corporate Ground Lease with 57.8 Years Remaining
  • Rental Escalations Based Upon 10% of Appraisal Value Every Five Years - Property Value Increased $400,000+ Since Last Assessment Period
  • Well Below Market Rent - $1.50 PSF
  • Signalized Hard Corner Location on 59th Street and 17th Ave West (21,206 VPD)
  • Outparcel to a 13-Acre Medical Campus that is Home to HCA Florida Blake Hospital (1,471 Employees)
  • 1.4 Miles to the Private Bradenton Country Club and Award-Winning Donald Ross Golf Course
  • More than 156,554 Residents Within a Five-Mile Radius
  • Large 1.47 Acre Parcel with Ample Parking and Multiple Access Points

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire a corporately guaranteed Wells Fargo ground lease in Bradenton, Florida. The property consists of a 4,611-square-foot, freestanding building that sits on approximately 1.47 acres of land. There are approximately 57.8 years remaining on the current lease term, with rental escalations scheduled every five years (based upon 10% of appraisal value). Wells Fargo has been operating at this location since 1981. The property is located at the signalized hard corner of 59th Street and 17th Ave West, where combined traffic counts exceed 21,206 vehicles per day. The area is extremely dense with more than 156,554 residents within a five-mile radius. Area traffic drivers include HCA Florida Blake Hospital and Bradenton Country Club, Freedom Village of Bradenton Retirement Home and Bradenton Beach.

Exclusively Listed By

Broker of Record

  • Ryan Nee

    Senior Vice President/ Division Manager

    (954) 245-3400

    License(s): FL: BK3154667

    Florida

Financing By

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