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Bank Ground Lease Goes for $1.5M

OOLTEWAH, TN-The 1031 exchange for a BB&T branch happened after the listing expired.

By Carl Cronan | Updated on May 26, 2009

OOLTEWAH, TN-Marcus & Millichap Real Estate Investment Services has arranged the local sale of a single-tenant net leased BB&T bank branch. The $1.5-million transaction represents a 6.5% cap rate on existing income, and the branch is subject to a new 20-year triple-net ground lease with structured rent increases of 12.5% every five years.

Mark Taylor and Dean Zang of Marcus & Millichap’s Philadelphia office represented the seller, GVH Duff Associates, while Stanton Falk of its Cincinnati office represented the 1031 exchange buyer, Arden Square LLC. The asset had been on the market since June 2008 and the listing had expired by the time the deal was made. Ooltewah is located along Interstate 75 northeast of Chattanooga.

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