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| Property Description |
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Stan Johnson Company is pleased to offer to qualified investors the opportunity to acquire an attractive retail ground lease, net-leased to Bank of America, located in Dallas, Texas.
The property is located on the hard-corner of Lemmon Avenue and Inwood Road with high local traffic counts, which are in excess of 70,000 vehicles per day. The property has an irreplaceable location, situated within three miles of Highland Park (ranked as the 3rd wealthiest location in Texas based on per capita income), Southern Methodist University (SMU) and the Uptown area of Dallas. Additionally, the property is a short distance from Dallas' Love Field. Lemmon Avenue has a large concentration of retail, restaurants, automotive dealerships and runs east/west from Highland Park/Love Field Airport to Uptown Dallas. Additionally, there is a population of 329,921 within a three mile radius and an average household income over $100,000 within a two mile radius.
The property is 100% leased to Bank of America, who corporately guarantees the lease and who signed a 15-year NNN ground lease with Four (4), Five (5) year renewal options. There are 10% rent increases every Five (5) years of the base lease term and in each option period. Bank of America, N.A. currently has an S&P credit rating of A+, qualifying as investment grade. Additionally, Bank of America is the largest financial services company in the world, largest bank by assets, and second largest bank by commercial deposits.
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| Location Description |
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| Dallas, with a population of 1.3 million, is the third-largest city in Texas and the eighth-largest in the United States. The city is the largest economic center of the 12-county Dallas?Fort Worth?Arlington metropolitan area that according to the March 2010 U.S. Census Bureau release, had a population of 6.45 million as of July 2009. The metropolitan area is the fourth-largest metropolitan area in the United States. |
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| | Bank of America Ground Lease
5636 Lemmon Avenue
Dallas,
TX
75209
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General Info | | Property Type
Retail
Segment Type
Bank
Building Size
4,420 sqft
Land Area
0.67 Acres
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Lease Type
Ground Lease
Remaining Term
14 years
Current NOI
$360,000
Status
Sold
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| Highlights |
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Near premier Highland Park, ranked as 3rd wealthiest location in Texas based on per capita income
- Prime location at intersection of Lemmon Avenue and Inwood Road, with nearly 70,000 vehicles per day
- Located in prime retail trade area, with national retailers such as Lowe's, CVS, Home Depot, Wholes Foods, Starbucks, T-Mobile, and numerous auto dealerships
- 15 year lease with 10% rent increases every 5 years
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