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Bank

PNC Bank

1001 Gordon W. Shelton Blvd, Fredericksburg, VA 22401

Listing Price: $7,840,000

Cap Rate
6.00%
Tenant Name
PNC Bank
Years Remaining On Lease
8.1
Guarantor
Corporate Guarantee
Rentable SF
3,718
Lease Type
NNN Ground Lease
Rent Per Square Feet
$126.52

Investment Overview

Marcus & Millichap is pleased to announce the investment offering of the PNC Bank located at 1001 Gordon West Shelton Boulevard in Fredericksburg, Virginia. The property consists of a freestanding retail bank building measuring approximately 3,718 square feet on a parcel of land measuring approximately 56,628 square feet. This outstanding investment opportunity was recently constructed in 2009. The bank features three drive-thru lanes and ample parking. The ground lease is an absolute triple-net with no landlord responsibility leased to PNC Bank. The original lease term is a corporately guaranteed lease which runs through July 2029 with two five-year options to extend. The lease has strong rental increases of 12 percent every five years. PNC Bank operates in 21 states and the District of Columbia with 2,296 branches, 9,051 ATMs and has an estimated 463.1 billion dollars in assets. The property is an outparcel to a recently developed Wegmans Grocery, a food market with 105 stores in the mid-Atlantic and Northeastern regions of the U.S. The property is part of the Celebrated Virginia South master development and sits adjacent to the seasoned commercial section of Fredericksburg named Central Park. Nearby retailers include Walmart, Bonefish Grill, Starbucks, Kohls, Bank of America, Langley Federal Credit Union, Capital One, Bailey's Pub & Grille, Sheetz, Chipotle, Outback Steakhouse, Joe's Crab Shack, Olive Garden, Lowe's Home Improvements and more. Fredericksburg is part of the Washington, DC Metropolitan Statistical Area (MSA) and resides in the Commonwealth of Virginia. The city is one of the fastest-growing localities in Virginia and is conveniently located near the busiest interstate-95. Fredericksburg boasts a wealth of United States history with access to many Civil War battlefields such as the Chancellorsville Battlefield and the Fredericksburg Battlefield.

Investment Highlights

  • Absolute Triple Net (NNN) Corporate Ground Lease with No Landlord Responsibilities
  • 12% Rent Increase Every 5 Years with Next Increase in March 2024
  • Brand New Construction Completed in 2009
  • Outparcel to Wegmans Grocery Store and Located in Celebrated Virginia Master Development
  • Situated in Highly Desirable Washington, DC Market

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s) VA: 0225215181

    Virginia

Listing Price: $7,840,000

Cap Rate
6.00%
Tenant Name
PNC Bank
Years Remaining On Lease
8.1
Guarantor
Corporate Guarantee
Rentable SF
3,718
Lease Type
NNN Ground Lease
Rent Per Square Feet
$126.52

Investment Highlights

  • Absolute Triple Net (NNN) Corporate Ground Lease with No Landlord Responsibilities
  • 12% Rent Increase Every 5 Years with Next Increase in March 2024
  • Brand New Construction Completed in 2009
  • Outparcel to Wegmans Grocery Store and Located in Celebrated Virginia Master Development
  • Situated in Highly Desirable Washington, DC Market

Investment Overview

Marcus & Millichap is pleased to announce the investment offering of the PNC Bank located at 1001 Gordon West Shelton Boulevard in Fredericksburg, Virginia. The property consists of a freestanding retail bank building measuring approximately 3,718 square feet on a parcel of land measuring approximately 56,628 square feet. This outstanding investment opportunity was recently constructed in 2009. The bank features three drive-thru lanes and ample parking. The ground lease is an absolute triple-net with no landlord responsibility leased to PNC Bank. The original lease term is a corporately guaranteed lease which runs through July 2029 with two five-year options to extend. The lease has strong rental increases of 12 percent every five years. PNC Bank operates in 21 states and the District of Columbia with 2,296 branches, 9,051 ATMs and has an estimated 463.1 billion dollars in assets. The property is an outparcel to a recently developed Wegmans Grocery, a food market with 105 stores in the mid-Atlantic and Northeastern regions of the U.S. The property is part of the Celebrated Virginia South master development and sits adjacent to the seasoned commercial section of Fredericksburg named Central Park. Nearby retailers include Walmart, Bonefish Grill, Starbucks, Kohls, Bank of America, Langley Federal Credit Union, Capital One, Bailey's Pub & Grille, Sheetz, Chipotle, Outback Steakhouse, Joe's Crab Shack, Olive Garden, Lowe's Home Improvements and more. Fredericksburg is part of the Washington, DC Metropolitan Statistical Area (MSA) and resides in the Commonwealth of Virginia. The city is one of the fastest-growing localities in Virginia and is conveniently located near the busiest interstate-95. Fredericksburg boasts a wealth of United States history with access to many Civil War battlefields such as the Chancellorsville Battlefield and the Fredericksburg Battlefield.

Exclusively Listed By

Broker of Record

  • Dawson Rinder

    Associate Regional Manager

    (804) 205-5008

    License(s): VA: 0225215181

    Virginia

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