Wells Fargo (Condo) | NN | 3% Annual Increases

Listing Wells Fargo (Condo) | NN | 3% Annual Increases Price:$3,024,683 Status:For Sale On behalf of ownership, is pleased to exclusively offer for sale a condominium interest in this Wells Fargo bank branch located in historic Sanford, Florida. This 8,800 SF unit is subject to a lease that was originally executed by Wachovia Bank, N.A., which Wells Fargo assumed in 2008. The lease has approximately 7 years of lease term remaining and attractive 3% annual rental increases in the base term and options. Wells Fargo is A+ rated by Standard & Poor’ s which is Investment Grade. Deposits at the location have trended upwards consistently for the last four years. Wells Fargo has verbalized this is a B branch in their chain, suggesting a high probability of renewal. With the trend in deposits and the development that’ s occurring around the subject property with the resurgence of sidewalk cafes, restaurants, and boutiques, a bank provides a synergic mix to these neighborhood uses. Additionally, within a few blocks walk, SunTrust, Regions Bank, BMO Harris Bank, and Bank First all have locations. In the condo unit above the subject offering, a developer is planning to retrofit the space for assisted living. Stanford is the county seat of Seminole County. The county court house is only a few blocks from the subject location.

Wells Fargo (Condo) | NN | 3% Annual Increases