LOW REPLACEMENT RENT ($14.19/SF) • At $14.19/SF, the tenant is paying well below market rent of $25/SF. • There is a significant value-add component based on the current rent, assuming there was ever a need to backfill the property with another bank or restaurant tenant.
ABOVE AVERAGE DEPOSITS ($70M) • This branch’s deposits are nearly $70 Million which is superior for a bank. • Deposits at this branch increased from $55 Million to nearly $70 Million over the past year.
LONG 14-YEAR OPERATING HISTORY • Wells Fargo has a 14 year operating history at this site. • Wells Fargo just recommitted to this location by exercising a 5-year option to renew with a 10% rent increase. • Prior to Wells Fargo’s acquisition, a community bank operated at the site since 1993.
REDEVELOPMENT OPPORTUNITY • The lot size of the site is 2.07 Acres, which is ample land for creative redevelopment alternatives. • The site is zoned C-2 which permits many uses including retail, restaurants, auto, office, and hotels. • The property currently consists of 3 drive thru lanes which allows for an easy restaurant conversion. • The site consists of 3 main access points to Buford Highway, Jimmy Carter, and South Peachtree Street. • Traffic Counts on Buford Highway are nearly 37,700 VPD and 47,000 VPD on Jimmy Carter Boulevard. • Demographics are promising with a 5 mile population of 261,192 and AHHI well over the national average at $83,000.
DENSE NORTH ATLANTA SUBURB • Peachtree Corners is Gwinnett County’s largest city (population: 43,509) and is located just over 20 miles north of Atlanta. • Peachtree Corners has no city property tax, and has been designated a top ten best suburb in the State of Georgia for its education quality, low crime rate, cost of living, employment, access to amenities, and livability. • Home to major corporations such as Comcast, Career Builder, and Siemens, Peachtree Corners is a major economic driver of the Atlanta MSA. • Peachtree Corners is a major “Tech Hub” in the Southeast and home to Technology Park Atlanta, a 3.8 million SF development consisting of many premier high tech and engineering firms and talent.
S&P A- CREDIT RATED TENANT • Founded in 1852, Wells Fargo & Company (NYSE: WFC) is an Investment Grade Tenant and is A- rated by S&P. • Wells Fargo currently has a Net Worth well over $186 Billion. • 2019 Year End Total Annual Revenue for Wells Fargo was almost $104 Billion. • As of March 2020, Wells Fargo’s Market Capitalization is over $173 Billion. • 2019 Year End Assets of Wells Fargo were over $1.9 Trillion.