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• Double Drive-Thru Branch Banking and Trust Company (BB&T) in Nottingham, Maryland | 17 Miles North of Baltimore
• Triple-Net (NNN) Lease With Nine Years Remaining | Zero Landlord Responsibilities
• Inflation Hedge | 10 Percent Rent Increases Every Five Years Over Base Term and in Three, Five-Year Renewal Options
• Corporate Guaranty | Branch Banking and Trust Company | New York Stock Exchange (NYSE): BBT | Standard & Poor (S&P): A- | Number 273 in Fortune 500 (June 2016)
• Strong Unit Level Economics | More Than $80-Million in Deposits as of June 2016
• Dense Retail Region | More Than 550,000 Square Feet of Retail in Less Than One-Mile
• Asset is One Off the Signalized, Hard Corner Intersection of Belair Road and Ebenezer Road | More Than 55,700 Vehicles Per Day
• Strong Demographics | More Than 191,000 People with an Average Household Income Greater Than $84,000
Marcus and Millichap is pleased to present this Branch Banking and Trust (BB&T) in Nottingham, Maryland; which is less than 20 miles north of Baltimore. There are nine years remaining on a triple-net (NNN) lease, where tenant is responsible for all expenses associated with the asset. The lease features 10 percent rent increases every five years over the base term and in the three, five-year options. Branch Banking and Trust Company is guaranteeing the lease, which was ranked number 273 on the June 2016 Fortune 500 list.
Equipped with two drive-throughs, this BB&T boasts strong unit level economics registering more than $80-million in deposits in June 2016. This asset is located one off the signalized, hard corner intersection of Belair Road and Ebenezer Road, which sees more than 55,700 vehicles daily. In less than one mile there is more than 550,000 square feet of retail. This BB&T also benefits from strong demographics. Within five miles of this asset, there are more than 191,000 people with an average household income greater than $84,000.
Additional tenants in the immediate vicinity include: Walgreens, Aldi, Advance Auto Parts, Chick-fil-A, 7-Eleven, Dollar General, Edible Arrangements, KFC, Rite Aid, McDonalds, Starbucks, and more.
Branch Banking and Trust Corporation provides traditional banking, insurance, investment banking, and wealth management services through more than 2,100 bank branches across the South and Southeastern United States. The holding company’s flagship subsidiary, Branch Banking and Trust (BB&T), is one of North Carolina’s oldest banks and a leading originator of residential mortgages in the Southeast. The company also operates investment bank Scott & Stringfellow. Boasting assets of around $220 billion, BB&T is one of the largest financial services holding companies in the United States.
TENANT PROFILE
TENANT TRADE NAME Branch Banking and Trust Company
Nottingham is an unincorporated community in Baltimore County, Maryland, United States. Although Nottingham is unincorporated, it has a post office, with the ZIP code of 21236. Nottingham is often considered a broad area in Baltimore County, encompassing many census-designated places (CDPs) and unincorporated communities.
Nottingham is less than 20 miles from Baltimore, which is Maryland’s largest city. Once a predominantly industrial city with an economic base focused on manufacturing and transportation, Baltimore has shifted focus to a more service-oriented economy. However, at the turn of the century, Baltimore remained the leading United States manufacturer of rye whiskey and straw hats. It also led in refining of crude oil, brought to the city by pipeline from Pennsylvania. The city is home to the Johns Hopkins Hospital. Other large companies in Baltimore include: Under Armour, Cordish Company, Legg Mason, McCormick & Company, T. Rowe Price, and Royal Farms. A sugar refinery owned by American Sugar Refining is one of Baltimore’s cultural icons. Almost a quarter of the jobs in the Baltimore region were in science, technology, engineering and math as of mid-2013, in part attributed to the city’s extensive undergraduate and graduate schools.
Baltimore’s history and attractions have allowed the city to become a strong tourist destination on the East Coast. In 2014, the city hosted 24.5 million visitors, who spent $5.2 billion. The Baltimore Visitor Center, which is operated by Visit Baltimore, is located on Light Street in the Inner Harbor. Much of the city’s tourism centers around the Inner Harbor, with the National Aquarium being Maryland’s top tourist destination. Baltimore Harbor’s restoration has made it “a city of boats”, with several historic ships and other attractions on display and open for the public to visit. The USS Constellation, the last Civil War-era vessel afloat, is docked at the head of the Inner Harbor; the USS Torsk, a submarine that holds the Navy’s record for dives (more than 10,000); and the Coast Guard cutter Taney, the last surviving United States warship that was in Pearl Harbor during the Japanese attack on December 7, 1941.
Other popular tourist destinations throughout the city include: Oriole Park at Camden Yards, Fort McHenry, the Mount Vernon and Fells Point neighborhoods, and museums such as the Walters Art Museum, the Baltimore Museum of Industry, and the B&O Railroad Museum.