Wells Fargo - Peachtree Corners (Atlanta MSA), GA
SOLD - $2,012,500
Wells Fargo is a NNN investment under a 5 year lease term, with approximately 3 years remaining and four (4), five (5) year renewal options. There is a 14 year operating history at this site, beginning with Wells Fargo acquiring what was previously a local community bank since 1993. There are 10% rental increases at each renewal option. Wells Fargo has a true NNN lease where all expenses are covered including roof and structure. Wells Fargo is currently paying only $12.90/Sq. Ft., almost half the metro Atlanta retail bank branch average. Wells Fargo & Company (NYSE: WFC) reported total income of $88.3 billion in 2016, net income of $21.9 billion, and net worth of $172.9 billion. The company holds an AA- credit rating with S&P. They currently have over 268,000 employees, with over 8,500 locations. This location has about $55 Million in deposits. This site is on one of the busiest thoroughfares in metro Atlanta with over an 81,000 car count and over 101,000 residents within 3 miles.
Wells Fargo sits in the densely populated area of Peachtree Corners, Gwinnett County's newest and largest city. Gwinnett County is Georgia's second largest county by population and is one of the fastest growing over the last thirty years. Gwinnett has experienced a 50% increase in population since 2000 as the Atlanta metropolitan area has continued to stretch through the north and northeast areas of the county.
Peachtree Corners is home to a diverse business environment, and companies thrive in the city's pro-business environment which offers a zero millage rate. Peachtree Corners appeals to all types of companies due to its central location to the metro Atlanta highways and almost every other amenity imaginable. The city has developed incentives to attract new businesses with the development of the new 20 acre mixed-use Town Center and Technology Park Atlanta. Developed in the 1970s, Technology Park Atlanta is a 3.8 million square foot development and continues to attract high-tech companies drawing top-tiered engineering talent from around the country.