Synovus

102 Inverness Corners
Hoover, AL

Price: $2,231,000
Cap: 4.50%
NOI: $100,374
Building Size: 3,091 SF
Lot Size: 0.96 AC

Investment Highlights

OUTPARCEL TO GROCERY ANCHORED SHOPPING CENTER
• The subject property is a 3,091 SF Synovus Bank that sits as an outparcel at the entrance of a 241,925 SF Winn-Dixie & Kohl’s Shopping Center.
• This Synovus is ideally positioned on US-280 (90,161 VPD) with two entry points and is only 2.5 Miles from I-459 (92,685 VPD)
• Sits at the heart of a dense retail corridor with 1.8M SF of Retail in a 1-Mile Radius. National tenants include Publix, Target, Walmart, and Lowe’s Home Improvement.
• Grandview Medical Center is a 434-bed hospital with 759 employees and is only 3 miles from the property. This Medical Center has acted as a major catalyst to the Highway 280 corridor.

MOST AFFLUENT & FASTEST GROWING DEMOS IN ALABAMA
• The property is situated less than 10 minutes from Hoover, Meadowbrook, Trussville, Homewood, & Chelsea, each in the top 10 of Alabama’s most affluent suburbs
• Hoover & Trussville experienced the most growth in Alabama over the last decade (Top 5)
• The 5-mile population is 88,294 with a 5.07% growth and the average household income is $152,350.

HOOVER, AL
• Hoover is the largest suburb in Alabama located less than 10 miles from Birmingham’s downtown with an estimated population of 212,297.
• Birmingham-Hoover houses three international automobile manufacturers: Mercedes-Benz, Honda and Hyundai.
• Hoover is home to the Riverchase Galleria, one of the largest shopping centers in the Southeast and one of the largest mixed use centers in the US.
• The Hoover School System is among the top five in the state with 16 schools and nearly 14,000 students.

8.5 YEAR GROUND LEASE WITH ANNUAL INCREASES
• The subject property has 8.5 years remaining on a 10-year corporate guaranteed ground lease with 1% annual increases in the initial lease and options.
• Tenant is 100% responsible for all expenses including taxes, insurance, CAM, Roof & Structure.
• There are two 5-year options periods with 1% annual increases.

INVESTMENT GRADE TENANT
• Synovus is a publicly traded (NYSE:SNV) company with an S&P investment grade credit rating of BBB.
• Synovus operates 359 locations throughout the SE of the United States.
• Synovus has been in business for over 130 Years and has a net worth of over $56 Billion.

Don McMinn
OFFERING MEMORANDUM

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