St Johns, FL Fifth & Third Bank

CR 210 & Beacon Lake Pkwy
Lease Type Absolute Net Ground Lease
Cap Rate 4.50%
Property Type Freestanding Building
Building Size 1,968 SF
Land Area 0.78 Acres
Remaining Term 20 Years
Status Active
Property Highlights
  • Trophy Fifth Third Bank outparcel to Publix and Beachwalk, a 1,200 acre master-planned community featuring 1,260 residences, 400,000 SF of commercial space, a 14-acre crystal lagoon and a 130 key hotel
  • St. Johns County is the fastest growing County in Florida and the 4th fastest growing County in the US (7% annual population growth)
  • Affluent trade area ($149,000 AHHI in 3 miles) with the second lowest unemployment rate in FL at 1.9%
  • Rare 20 year ground lease with investment grade tenant (S&P: A-) provides completely passive ownership and stable cash flow
  • 20 year lease and large capital investment by tenant demonstrates long-term commitment to this site
  • Priced below replacement cost, low rent ground lease provides potential future upside in rent
  • 1.4 miles from I-95 (116,000 cars per day) interchange at CR-210Large addressable market, Fifth Third’s nearest branch is over 14 miles away
  • Fifth Third Bank (NASDAQ: FITB) operates over 1,110 branches and reported a 12.29% YOY increase in revenue in 2022 ($9.35 billion)
  • Florida has no state income tax and in 2022 ranked as the fastest growing state in the US with nearly 10,000 people moving to the Sunshine State every week