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5224 Providence RdVirginia Beach, VA 23464
PNC Bank | Virginia Beach, VA | 6.00% Cap
Asset ClassRetail
PNC Bank | Virginia Beach, VA | 6.00% Cap

Overview

Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of Truist | Virginia Beach, VA. The Premises has been leased to PNC since 1993, and has recently exercised a 5 year renewal options. The Asset is well positioned directly off of Kempsville Rd and located in a major retail hub in Virginia Beach, VA.

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Investment Highlights

Corporate Guarantee from Strong Credit Tenant

  • PNC Bank (NYSE: PNC) is the 6th largest bank in the United States
  • PNC Holds over $553.1B in assets
  • S&P Rating: A-

Attractive Lease Fundamentals

  • 2% annual rental increases during the term
  • No Landlord responsibilities

Long Operating History

  • PNC has been operating at this location for over 20 years
  • PNC recently extended the lease in 2023 for 5 ye

Strong Surrounding Demographics

  • Over 322K people live within a 5-mile radius
  • Average household income nearly $100K
  • Nearly 500k residents live within a 15 mile drive time

High Visibility in Major Retail Hub

  • Situated at the intersection of Kempsville RD (32,000 VPD) & Providence Rd (24,000 VPD)
  • Over 800K SF of retail located in 1-mile radius
  • Fairfield Shopping Center has recently gone through $1.5M of capital improvements
  • Nearby National Tenant’s include: TJ Maxx, Kroger’s, Starbucks, Verizon, and Chase
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5224 Providence RdVirginia Beach, VA 23464

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Listing provided by Revere CRE