Property details
Land Lease, Southwest Region
Property Description
Land Lease on a hard corner of in the heart of a major Energy corridor.
This land is leased to Compass Bank (NYSE: BBV). Compass Bank is a Sunbelt Based financial institution which operates 420 full service banking centers. Compass is a subsidiary of Compass Bankshares a wholly owned subsidiary of BBVA. BBVA is a global financial services company with more than $698 billion in total assets, 44 million clients and 8800 branches in 30 companies. Compass ranks as the largest regional bank in the Sunbelt region and among the top 25 banks in the US by total deposits
Strategically located along I-10 midway between Beltway 8 and the Grand Parkway; the Energy Corridor is home to multi-national and local growth-oriented energy companies such as BP America, Shell Exploration and Production, ExxonMobil Chemical, ConocoPhillips, CITGO, Cabot Oil and Gas and Global Santa Fe.
Compass Bank is a Sunbelt-based financial institution which operates 320 full-service banking centers including 166 in Texas, 90 in Alabama, 76 in Arizona, 44 in Florida, 33 in Colorado and 11 in New Mexico. Compass Bank is a subsidiary of Compass Bancshares, Inc., a wholly-owned subsidiary of BBVA (NYSE: BBV) (MAD: BBVA).
The land lease commences at closing. The land lease dates shown are estimates. Actual land lease dates are subject to verification.
Images
Highlights
- Status:
- Available
- Price:
- $3,333,333
- PSF:
- $926
- Cap Rate:
- 5.25%
- Annual Rent:
- $175,000
- Rent Increases:
- 10% each 5 year period
Property Information
- Building Size:
- 3,600 sq.ft.
- Property Type:
- Ground Lease
- Industry Type:
- Bank - Credit Union
- Units/Spaces:
- 1
- Land Area:
- 54,624.00 acres
- Purchase Tenure:
- Fee Simple
Lease information
- Tenant:
- Compass Bank
- Lease Type:
- NNN
- Lease Commencement:
- 4/1/2008
- Lease Expiration:
- 3/30/2028
- Lease Term:
- 20 years
- Years Remaining:
- 20 years
- Landlord Responsibilities:
- None
- Options:
- Four 5-year options for a total of 40 years.
Existing financing information
- N/A
The information contained herein contains confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon, this information by persons or entities other than the intended recipient will be prohibited. The information contained herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about the accuracy or completeness of the information. As a buyer, it is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this property to you depends on factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. We have no knowledge of this offering other than the information received from Seller or their representatives. We are neither your agent or an agent for the seller. We will not participate in the negotiation of the purchase price or attend the showing of this property. As a buyer, you will be required to indemnify us and hold us harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this property.