Cap Rate: 6.50%
Net Operating Income: $484,000
Year Built: 2008
The Kase Group is pleased to exclusively present for sale this SunTrust Bank located in Manassas, Virginia. The property is subject to an absolute NNN ground lease with zero landlord responsibilities or expenses. SunTrust has nearly 11 years remaining on its initial 20 year lease. The asset benefits from extremely rare 10% rental increases in the initial term of the lease and in each of the two - 5 year option periods.
The lease is corporately guaranteed by SunTrust Banks, Inc., a publicly traded, investment grade credit tenant rated A- by Standard & Poor’s.
The asset is an ideal pad site within the 102,000 SF, Super Target-anchored Center at Innovation. The Center is strategically located on Nokesville Road (VA-28) just west of the interchange with Prince William Parkway (VA-234), an intersection considered the “Main and Main” of Manassas, Virginia.
Manassas is an independent city in the Commonwealth of Virginia. As of the 2014 Census, the population was 42,081. The city is surrounded by Prince William County and the independent city of Manassas Park.
Manassas serves as the seat of Prince William County. Manassas, Virginia is in Prince William County whose population has grown steadily due to the combined effects of migrant growth as well as natural growth. The County is the second largest and fourth fastest growing county in the state of Virginia by population. Population increased by 43% from 280,813 in 2000 to 402,002 in 2010. Moreover, continued growth is anticipated and the County’s population is expected to approach 660,000 residents by 2040.
Prince William County has created a pro-business climate by expanding its targeted industry sectors, using fast-track permitting for targeted industries, competitive real estate and personal property tax rates, aggressive tax depreciation schedules and unique local financing opportunities. These, combined with business incentives offered by the Commonwealth of Virginia, make Prince William County a strong competitor for new business in both national and international markets.