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Bank

Corporate Guaranteed Absolute Net Huntington National Bank

429 Market St, Parkersburg, WV 26101

Listing Price: $2,504,240

Cap Rate
5.00%
Tenant Name
The Huntington National Bank
Years Remaining On Lease
8.5
Guarantor
Corporate Guarantee
Rentable SF
22,370
Lease Type
Absolute Net
Rent Per Square Feet
$5.60

Investment Overview

Marcus & Millichap is pleased to present for sale this Huntington Bank retail and office building in Parkersburg, West Virginia. The subject property consists of a 22,370 square foot two-story building on a 0.66-acre parcel of land. Strategically located in the heart of downtown Parkersburg, West Virginia, the property benefits from numerous offices and retailers in the immediate trade area, and cross state traffic form the Belpre Ohio bridge. The area offers attractive demographics with, a population of 40,423, and an average household income of $73,653 within a 5-mile radius. In 2020, the tenant exercised their initial 10-year extension option, demonstrating a solid commitment to the location. The lease includes four 5-year options with 5 percent increases per period. The master lease permits the tenant to sublease additional office space, which the tenant manages and does not impact the landlord’s net operating income. Estimated market rent for the subject property ranges from $9 - $11 per square foot. The tenant is paying $5 per square foot, which is significantly below market, reducing the probability of future relocation. The Huntington National Bank guarantees the absolute net lease. Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $174 billion regional bank holding company headquartered in Columbus, Ohio, whose principal subsidiary is The Huntington National Bank. Their operations include over 800 full-service branches, 1,400 ATMs, and 12 private client offices. Retail rents in the Parkersburg Market were rising at a 1.9 percent annual rate during the first quarter of 2022, and have posted an average annual gain of 1.2 percent over the past three years. While 10,000 SF has delivered over the past three years (a fractional expansion of the existing inventory), nothing is currently underway. Vacancies were basically in line with the 10-year average as of 2022Q1, and were little changed over the past four quarters. Employment in the metro was recently increasing at an annual rate of 0.7 percent, or a gain of about 270 jobs. While a modest result in percentage terms, it’s a welcome performance given that nonfarm payrolls were decreasing by 6.3 percent at one point during the past twelve months.

Investment Highlights

  • Corporate Guarantee by Huntington Bank (NASDAQ: HBAN) with 800+ Branches
  • Investment Grade Credit Rating | S&P A- | Moody's A1
  • Absolute Net Lease - No Landlord Responsibilities
  • Recent 10-Year Extension Demonstrating Tenant's Commitment to Location
  • Full Street Frontage Visible to 22,191 Vehicles Per Day
  • Q3 2021 Earnings Release Reports that Total Revenue Increased by 32% from the Prior Quarter, to a Record $1.7 Billion

Exclusively Listed By

Broker of Record

  • Francis McGuire

    Broker Of Record

    (304) 751-6577

    License(s) WV0019009

    West Virginia

Financing By

Bank

Corporate Guaranteed Absolute Net Huntington National Bank

Listing Price: $2,504,240

Cap Rate
5.00%
Tenant Name
The Huntington National Bank
Years Remaining On Lease
8.5
Guarantor
Corporate Guarantee
Rentable SF
22,370
Lease Type
Absolute Net
Rent Per Square Feet
$5.60

Investment Highlights

  • Corporate Guarantee by Huntington Bank (NASDAQ: HBAN) with 800+ Branches
  • Investment Grade Credit Rating | S&P A- | Moody's A1
  • Absolute Net Lease - No Landlord Responsibilities
  • Recent 10-Year Extension Demonstrating Tenant's Commitment to Location
  • Full Street Frontage Visible to 22,191 Vehicles Per Day
  • Q3 2021 Earnings Release Reports that Total Revenue Increased by 32% from the Prior Quarter, to a Record $1.7 Billion

Investment Overview

Marcus & Millichap is pleased to present for sale this Huntington Bank retail and office building in Parkersburg, West Virginia. The subject property consists of a 22,370 square foot two-story building on a 0.66-acre parcel of land. Strategically located in the heart of downtown Parkersburg, West Virginia, the property benefits from numerous offices and retailers in the immediate trade area, and cross state traffic form the Belpre Ohio bridge. The area offers attractive demographics with, a population of 40,423, and an average household income of $73,653 within a 5-mile radius. In 2020, the tenant exercised their initial 10-year extension option, demonstrating a solid commitment to the location. The lease includes four 5-year options with 5 percent increases per period. The master lease permits the tenant to sublease additional office space, which the tenant manages and does not impact the landlord’s net operating income. Estimated market rent for the subject property ranges from $9 - $11 per square foot. The tenant is paying $5 per square foot, which is significantly below market, reducing the probability of future relocation. The Huntington National Bank guarantees the absolute net lease. Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $174 billion regional bank holding company headquartered in Columbus, Ohio, whose principal subsidiary is The Huntington National Bank. Their operations include over 800 full-service branches, 1,400 ATMs, and 12 private client offices. Retail rents in the Parkersburg Market were rising at a 1.9 percent annual rate during the first quarter of 2022, and have posted an average annual gain of 1.2 percent over the past three years. While 10,000 SF has delivered over the past three years (a fractional expansion of the existing inventory), nothing is currently underway. Vacancies were basically in line with the 10-year average as of 2022Q1, and were little changed over the past four quarters. Employment in the metro was recently increasing at an annual rate of 0.7 percent, or a gain of about 270 jobs. While a modest result in percentage terms, it’s a welcome performance given that nonfarm payrolls were decreasing by 6.3 percent at one point during the past twelve months.

Exclusively Listed By

Broker of Record

  • Francis McGuire

    Broker Of Record

    (304) 751-6577

    License(s): WV0019009

    West Virginia

Financing By

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