Truist

1604 Decatur Pike
Athens, TN

Price: $1,165,000
Cap: 4.50%
NOI: $52,407
Building Size: 3,045 SF
Lot Size: 1.04 AC

Investment Highlights

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 RA TED 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.

Don McMinn
OFFERING MEMORANDUM

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