The Boulder Group, a net leased investment brokerage firm, has completed the sale of single tenant SunTrust Bank ground lease located at 3334 Virginia Beach Boulevard in Virginia Beach, VA for $2,000,000.
The SunTrust Bank property is located along Virginia Beach Boulevard, a primary east-west thoroughfare in the area. The property is located at a signalized intersection at the entrance to a Kroger and Home Depot anchored development. Other retailers located in the immediate vicinity include Sam’s Club, BJ’s Wholesale, Burlington Coat Factory, Walgreens, and many others. There are approximately five years remaining on the ground lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the purchaser in the transaction who was a private investor from the West Coast. The seller was an East Coast real estate investment firm.
SunTrust Bank has approximately five years remaining on their ground lease that expires September 8, 2019. This is a strong performing branch with above average deposits. SunTrust Bank is an investment grade rated company with a Standard and Poor’s rating of BBB.
“The market for bank ground leases is at historic low levels” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Core market single tenant assets with solid real estate fundamentals continue to be in the greatest demand.”