ATTRACTIVE LOW RENT WITH STRONG DEPOSITS • This location has an attractive low rent and above average deposits of over $95 Million. • This location has been bank operated since 1973. BB&T has been operating here since 2012 and was converted to a Truist in 2019 after the merger of SunTrust Bank and BB&T.
RECENTLY EXTENDED CORPORATE NNN GROUND LEASE • Truist recently extended the lease for an additional 5 years in March 2021. • There are 3.5 years remaining on the initial 5-year corporate NNN ground lease. • There is a 3% rent increase in March 2024 of the initial lease and 8% rent increases every 5 years in the two, 5-year option periods. • The tenant is 100% responsible for Taxes, Insurance, CAM, Roof & Structure.
OUTPARCEL TO GROCERY ANCHORED SHOPPING CENTER • The subject property is an outparcel to an Aldi anchored shopping center that sits at the intersection of Highway 30 (20,909 VPD) & Highway 11 (16,938 VPD). • This Truist is strategically positioned in the main retail corridor of Athens off Interstate 75 (42,449 VPD). • Surrounding national retailers include Walmart, Lowe’s Home Improvement, Hobby Lobby, Big Lots and more. • Tennessee Wesleyan University (1,568 Students) is located only 1 mile from the subject property.
S&P A - CREDIT RATED TENANT • Truist was formed in December 2019 as a result of the merger of BB&T and SunTrust Banks and now has a net worth of over $509 Billion. • Truist Bank is a publicly traded (NYSE: TFC) Fortune 500 Company and currently holds an investment grade rating of A- with S&P. • Truist is the nation’s seventh largest U.S bank holding company with $470 billion in loans and $440 billion in Deposits • The bank has over 2,781+ branches in 15 states with over 275 years of combined history.
CHATTANOOGA MSA • Athens, TN is located 50 miles NE of Chattanooga off interstate 75 (42,449 VPD) and is part of the Chattanooga MSA (547,776+). • Chattanooga is the fourth largest city in Tennessee with a population of over 170,000 people. • Chattanooga is one of the South’s top travel destinations, with the New York Times naming Chattanooga one of the “Top 45 Places to Go.” • 3 million tourists visit Chattanooga annually and contribute $1.16 Billion to the economy. • Major industries that drive the economy include automotive, advanced manufacturing, food and beverage production, healthcare, insurance, tourism, and corporate headquarters.