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Bank

Huntington Bank NNN Lease Strong Deposit

230 W Pike St, Clarksburg, WV 26301

Listing Price: $4,560,000

Cap Rate
5.75%
Tenant Name
Huntington Bank
Years Remaining On Lease
9.0
Guarantor
Corporate Guarantee
Rentable SF
43,757
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$5.99

Investment Overview

Marcus & Millichap is pleased to present for sale this Huntington Bank retail and office building in Clarksburg, West Virginia. The subject property consists of a 43,500 square foot five-story building on a 1.03-acre parcel of land. Strategically located in the heart of Clarksburg, West Virginia, the property benefits from immediate access to the Northwest Turnpike, Route 50, with traffic counts in excess of 42,000 vehicles per day. The area offers attractive demographics with, a population of 39,240, and an average household income of $73,653 within a 5-mile radius. Huntington Bank entered into an initial 22-year master lease in 1998. 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% 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 $16.21 - $22.25 per square foot. The tenant is paying $6 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. Clarksburg is a city in and the county seat of Harrison County, West Virginia, United States, in the state’s north-central region. The population of the Clarksburg, WV Micropolitan Statistical Area was 89,718 in 2019. Major employers in Clarksburg include the Federal Bureau of Investigations (FBI) and glass manufacturers Akro Agate Company and Hazel-Atlas Glass Company. Clarksburg was named National Small City of the Year in 2011 by the National League of Cities. Office rents in the Clarksburg Market were rising at a 0.3% annual rate during the fourth quarter of 2021 and have posted an average yearly gain of 1.3 percent over the past three years. While 23,000 SF has been delivered over the past three years (a cumulative inventory expansion of 0.8 percent), nothing is currently underway. Vacancies were basically in line with the 10-year average as of 2021 Q4 but trended upward over the past four quarters.

Investment Highlights

  • Corporate Guarantee by Huntington Bank (NASDAQ: HBAN) with 800+ Branches
  • Absolute Net Lease - No Landlord Responsibilities
  • Strong Branch Performance with $158 Million in Annual Deposits - Well Above National Average
  • Annual Deposits Up 30%+ Since 2018
  • 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

Bank

Huntington Bank NNN Lease Strong Deposit

Listing Price: $4,560,000

Cap Rate
5.75%
Tenant Name
Huntington Bank
Years Remaining On Lease
9.0
Guarantor
Corporate Guarantee
Rentable SF
43,757
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$5.99

Investment Highlights

  • Corporate Guarantee by Huntington Bank (NASDAQ: HBAN) with 800+ Branches
  • Absolute Net Lease - No Landlord Responsibilities
  • Strong Branch Performance with $158 Million in Annual Deposits - Well Above National Average
  • Annual Deposits Up 30%+ Since 2018
  • 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 Clarksburg, West Virginia. The subject property consists of a 43,500 square foot five-story building on a 1.03-acre parcel of land. Strategically located in the heart of Clarksburg, West Virginia, the property benefits from immediate access to the Northwest Turnpike, Route 50, with traffic counts in excess of 42,000 vehicles per day. The area offers attractive demographics with, a population of 39,240, and an average household income of $73,653 within a 5-mile radius. Huntington Bank entered into an initial 22-year master lease in 1998. 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% 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 $16.21 - $22.25 per square foot. The tenant is paying $6 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. Clarksburg is a city in and the county seat of Harrison County, West Virginia, United States, in the state’s north-central region. The population of the Clarksburg, WV Micropolitan Statistical Area was 89,718 in 2019. Major employers in Clarksburg include the Federal Bureau of Investigations (FBI) and glass manufacturers Akro Agate Company and Hazel-Atlas Glass Company. Clarksburg was named National Small City of the Year in 2011 by the National League of Cities. Office rents in the Clarksburg Market were rising at a 0.3% annual rate during the fourth quarter of 2021 and have posted an average yearly gain of 1.3 percent over the past three years. While 23,000 SF has been delivered over the past three years (a cumulative inventory expansion of 0.8 percent), nothing is currently underway. Vacancies were basically in line with the 10-year average as of 2021 Q4 but trended upward over the past four quarters.

Exclusively Listed By

Broker of Record

  • Francis McGuire

    Broker Of Record

    (304) 751-6577

    License(s): WV0019009

    West Virginia

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