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10959 SW Village PkwyPort St. Lucie, FL 34987
Fifth Third Bank Port St. Lucie, FL
Asset ClassRetail
Cap Rate4.25%
Deal Size: $3.17 MLease-Term Remaining: 20 YearsYear Built: 2024Access Data Room
Fifth Third Bank | Publix Outparcel | New 20-YR Ground Lease | 10% Increases
overview of deal

Overview

Atlantic Capital Partners has been exclusively engaged to solicit offers for this new 20-year Fifth Third Bank ground lease in Port St. Lucie, FL. Fifth Third is currently under construction and is scheduled to open in November. Rent will commence on October 14 and increase 10% every 5 years during the base term and option periods.

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Investment Highlights

  • Rare Publix outparcel at the main entrance to Tradition, one of Florida's largest and most successful master-planned communities (40,000 residential units)
  • Full access from signalized intersection shared by Publix, Fresh Market, Target, TJ Maxx, Ulta, LA Fitness, and Panera Bread
  • Fifth Third is rated A- by Fitch and operates +/- 1,200 branches across 10 states
  • Tradition is an 8,300-acre master-planned community that has grown annually by 10% - 13% with average household incomes exceeding $114,000 in 1 mile
  • 20-year lease and multi-million dollar investment demonstrates Fifth Third's long-term commitment to this site
  • Absolute Net Ground Lease provides completely passive ownership and stable cash flow for absentee owner
  • Fixed 10% increase provides hedge against inflation and an average return of 4.93% over the base term of the lease
  • Florida has no state income tax and in 2022 ranked as the fastest growing State in the US
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10959 SW Village PkwyPort St. Lucie, FL 34987

Sales Team

Chris PetersonExecutive Vice President - Capital Markets - Atlantic Retail(703) 517-5943cpeterson@atlanticretail.com
Sam YoungExecutive Vice President(980) 498-3292syoung@atlanticretail.com

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Listing provided by Revere CRE