100 NW 12th Ave, Miami, FL 33128
Marcus & Millichap is pleased to present the exclusive listing for the Truist Bank located at 100 Northwest 12th Avenue in Miami, FL. The site was originally built in 1983, consists of roughly 10,401 rentable square feet, and is situated on approximately 1.61 acres of land. Truist Bank is subject to an absolute triple-net (NNN) lease, which commenced on January 1, 2007. In 2016, Truist (at the time SunTrust) Bank executed its renewal option early and extended the term of the lease by 10 years. The current annual rent is $343,269, however the rent is scheduled to increase to $348,418 on January 1st, 2021 and is subject to 1.50% rental escalations every year thereafter. In addition, there are six (6), five (5)-year tenant renewal options. The offering is a covered land play with significant guaranteed income of more than $2,500,000 while the market develops and land with significant zoning becomes that much more scarce.
Marcus & Millichap is pleased to present the exclusive listing for the Truist Bank located at 100 Northwest 12th Avenue in Miami, FL. The site was originally built in 1983, consists of roughly 10,401 rentable square feet, and is situated on approximately 1.61 acres of land. Truist Bank is subject to an absolute triple-net (NNN) lease, which commenced on January 1, 2007. In 2016, Truist (at the time SunTrust) Bank executed its renewal option early and extended the term of the lease by 10 years. The current annual rent is $343,269, however the rent is scheduled to increase to $348,418 on January 1st, 2021 and is subject to 1.50% rental escalations every year thereafter. In addition, there are six (6), five (5)-year tenant renewal options. The offering is a covered land play with significant guaranteed income of more than $2,500,000 while the market develops and land with significant zoning becomes that much more scarce.
