Property Highlights
Atlantic Capital Partners has been exclusively engaged to solicit offers for the sale of PNC Bank | Virginia Beach, VA. The Premises has been leased to PNC since 1993, and PNC has recently exercised a 5 year renewal option. The asset is well positioned directly off of Kempsville Rd and located in a major retail hub in Virginia Beach, VA.
- 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 increase during current term | No LL responsibilities
- Long Operating History
- PNC has been operating at this location for over 20 years | PNC recently extended the lease in 2023 for 5 years
- Strong Surrounding Demographics
- Over 322K people live within a 5-mile radius | Average household income nearly $100K | Nearly 500K residents live within a 15 minute drive time
- High Visibility in Major Retail Hub
- Situated at a 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