Property Highlights
- Rare opportunity to acquire an Absolute Net TD Bank with fee simple ownership in major Florida metro
- Corporate guarantee from investment grade tenant (S&P: AA-)
- Brand new long-term lease with substantial upfront investment from TD Bank (2022 remodel)
- Low rent on large 1.2 Acre parcel
- Free-standing building with 4 drive-thru lanes and excellent underlying real estate fundamentals
- Florida is a key strategic market for TD Bank, TD is aggressively expanding their branch network in Florida
- Large addressable market, TD’s nearest branch is over 11 miles away
- 10% rental increases in year 6 and year 8 (if the first option is exercised) provide 21% rental growth in less than 10 years and an excellent hedge against inflation
- Zero landlord maintenance obligations provides true passive ownership
- Fee simple ownership allows for depreciation of the building boosting after tax returns
- Florida has no state income tax and saw a net migration of 345,000 residents between April 2020 and April 2021