BBVA has strong brand recognition within Alabama (headquarted in Birmingham) and reports over $45,000,000 in deposits for this specific branch. The property is located along Alabama State Highway 59, which has an average of 43,000 cars per day and serves as the main highway connecting the rest of the state to the beach communities of Gulf Shores and Orange Beach. The bank sits directly in front of a Target at a lighted intersection within the primary retail node in the submarket (Publix, Cobb Theatre, Bed Bath & Beyond, etc…). The site also benefits from the 5 million annual tourists that visit the Gulf Shore beaches.
A triple net lease (triple–Net or NNN) is a lease agreement on a property where the tenant or lessee agrees to pay all real estate taxes, building insurance, and maintenance (the three “nets”) on the property in addition to any normal fees that are expected under the agreement (rent, utilities, etc.)
- The tenant is able to effectively control their real estate
- The landlord’s investment is passive, and the tenant absorbs increases in operating expenses (real estate taxes, capital repairs, etc.)
- The tenants are normally willing to sign longer term leases (10-20 years)
A building lot separated or separable from a commercial development, the selling of which provides liquidity for the developer.
Yes you can as freestanding building are separately platted parcels. This is extremely advantageous to both the tenants and owners.
- High demand from tenants. This demand remains strong as newer types of retailers have emerged and compete for the prime visibility and easy access (Urgent Care Centers and ER Centers, Dental Care, Wireless Carrier Stores).
- Tenants desire the visibility as well as the control over their real estate. The building and signage reflects the retailers brand and image. Whereas in a shopping center a retailer would only get to put up a sign on the building, in a freestanding building the entire building is designed by the retailer. High visibility builds brands.
- Majority of NNN retailers are national or regional tenants that have meticulous site selection criteria models (they know where they want to be which is why they sign the longer term leases and invest in their properties the way they do)