BANK OF AMERICA MOORESVILLE (CHARLOTTE MSA), NC - LoopNet
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BANK OF AMERICA MOORESVILLE (CHARLOTTE MSA), NC
TA B L E O F C O N T E N T S
MAPS 3
OFFERING OVERVIEW 5
INVESTMENT HIGHLIGHTS 6
AERIAL 7
SITE PLAN 8
TENANT OVERVIEW 9
MARKET OVERVIEW 11
DEMOGRAPHICS 14
CONFIDENTIALITY 15
TRANSACTION TEAM
S T E V E H O R VAT H RANSOME FOOSE
NC REAL ESTATE NO.: C9467
704-379-1981 704-379-1985
horvath@berkeleycap.com foose@berkeleycap.com
CARL BRENDES MEGHAN KNOTTS
704-714-2363 704-714-2368
brendes@berkeleycap.com knotts@berkeleycap.com
2
R E L AT I O N M A P 314 N. MAIN ST 3
LO C AT I O N M A P 314 N. MAIN ST 4 03
OFFERING OVERVIEW
P R O P E RT Y D E TA I L S
NAME BANK OF AMERICA NE T OPER ATING INCOME $73,618
ADDRESS 314 N. MAIN ST RENT INCREASES FMV IN OPTIONS (CAPPED AT 10%)
MARKE T MOORESVILLE (CHARLOTTE MSA), NC RENT EXPIR ATION SEPTEMBER 30, 2023
BUILDING SIZE 5,996 SF LEASE T YPE ABSOLUTE NET
LAND SIZE 0.93 AC YEAR BUILT 1957
PARKING 39 SPACES LEASE TERM REMAINING 6.5+ YEARS
TENANT BANK OF AMERICA, N.A. OPTIONS 30 YRS OF OPT CONTROL IN 5 OR 10 YR INCREMENTS
RIGHT OF FIRST REFUSAL YES - 20 DAYS ASKING PRICE $1,351,000 (5.45% CAP RATE)
DEMOGRAPHIC SNAPSHOT TRAFFIC COUNTS
1-MILE 3-MILE 5-MILE AADT
2022 POP. PR OJEC TION 6,694 36,987 62,298 N. MAIN ST 9,170
2017 POP. ESTIMATE 6,373 34,296 57,476 E. IREDELL AVE 11,000
POP. GR OW TH 2000-2017 28.96% 67.54% 77.74% NC-150 (NEARBY) 38,000
HH GR OW TH 2000-2017 30.78% 68.89% 75.01%
I-77 (NEARBY) 68,000
2017 EST. AVG. HH INCOME $69,567 $78,870 $86,011
for detailed demographics, please click HERE
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02
INVESTMENT HIGHLIGHTS
EXCELLENT INVESTMENT GRADE TENANT | RATED BAA1/BBB+ DOWNTOWN MOORESVILLE LOCATION
Bank of America is one of the world's leading financial institutions, serving Downtown Mooresville is an eclectic mix of specialty boutiques, locally
individual consumers, small and middle-market businesses and large owned restaurants, retail and antique shops, remarkable architecture and
corporations with a full range of banking, investing, asset management historic landmarks.
and other financial and risk management products and services. The
company provides unmatched convenience in the United States, serving SIGNALIZED CORNER INTERSECTION | MAIN STREET
approximately 47 million consumer and small business relationships with The subject branch is located in Downtown Mooresville at a signalized
approximately 4,600 retail financial centers, approximately 16,000 ATMs, intersection. CVS and multiple bank branches are situated on the adjacent
and award-winning online banking with approximately 34 million active corners, proving this a hub where banks want to be.
accounts and more than 21 million mobile active users. Bank of America is
a global leader in wealth management, corporate and investment banking 6,000 SF BUILDING
and trading across a broad range of asset classes, serving corporations, Bank of America has a large 5,996 square foot building on a near one acre
governments, institutions and individuals around the world. Bank of lot. Ample parking and four drive-thru windows make this downtown site
America offers industry-leading support to approximately 3 million small highly desired given the limited parking on the Main Street.
business owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations in all 50 BANK OF AMERICA HEADQUARTERS | NC HOME STATE
states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and Bank of America continues to thrive in its headquarter State of North Car-
more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is olina and in particular its home town of Charlotte.
listed on the New York Stock Exchange.
SMALL PRICE POINT INVESTMENT | FAR BELOW REPLACEMENT COSTS
CHARLOTTE MSA In today’s market, it’s extremely difficult to find high-quality, investment
The subject branch is located in the Charlotte Metropolitan Statistical grade tenants below $1.5MM. This opportunity is rare which stacks up very
Area. Charlotte has become a major U.S. financial center, and is now the well against replacement cost and other single-tenant investments such as
second largest banking center in the United States after New York City. smaller franchisees and rural dollar store locations. It would be very diffi-
The city landed at number thirteen on Forbes magazine's list of "America's cult to replace this infill location as cost approach would dictate far higher
fastest-growing cities" of 2016. As population inside the city of Charlotte total development costs.
continues to explode, surrounding towns will continue to benefit in terms
of population growth, job growth, added infrastructure and continued eco- "RACE CITY, USA"
nomic prosperity. Mooresville’s nickname is “Race City USA.” Car racing is to Mooresville
as the movies are to Hollywood. Mooresville is home to over 60 NASCAR
LAKE NORMAN EXPLOSIVE GROWTH SUBMARKET teams, 100+ race-related suppliers, two automotive museums and several
Mooresville is a rapidly growing Lake Norman community, located in other automotive industry related businesses.
Charlotte's northbound growth path off I-77. Over the past decade, the
town’s population has grown 74%, or 34,000 people, and is projected to
double in the next 20 years, according to the town of Mooresville.
6
02
AERIAL
E. PLAZA DR
RD RESIDENTIAL
O L
HO $150K - $350K
T
SC
S
Y
IN
LE
AW
A
BR
M
.
S
MOORESVILLE
GOLF COURSE
RESIDENTIAL
$150K - $350K
RESIDENTIAL
$300K - $4MM
RESIDENTIAL
LAKE NORMAN $200K - $400K
SITE PLAN 8
T We
EN have developed the leading Consumer franchise
ANT OVERVIEW
“Our purpose is to make the financial lives of our clients better and help them be successful”
Leading coast-to-coast Franchise • 60MM clients within 45MM unique households
Best client base
• 88% of Preferred checking accounts are “primary”
(top in the industry)
Top market • #1 Deposit market share overall 1
position • #1 position in 11 of the top 30 MSAs 1 and top
three in all but seven
Best of banking • Integrated banking and investment offering (BAC &
and investing Merrill):
– Barron’s 4-star rating for Merrill Edge
– #1 in Card profitability per account, #3 in U.S. card
balances 2
– #1 HELOC lender 3 and #2 bank for mortgage
satisfaction 4
4,689 Financial Centers
16,003 ATMs Innovative • 32.6 million active Digital users:
~600 million client interactions per month leader – #1 in Digital Sales Functionality (3rd consecutive win) 5
~410 million digital transactions per month – #1 in Online Banking Functionality (15th consecutive win) 6
– #1 in Mobile Banking Functionality 5
– #1 in Digital Design and Usability 7
____________________
1 Source: SNL branch data. U.S. retail deposit market share in BAC footprint based on June 2015 FDIC deposit data, 4 Source: J.D. Power 2015 U.S. Primary Mortgage Origination Satisfaction rankings.
adjusted to remove commercial balances. 5 Source: Forrester, 2015 U.S. Bank Digital Sales Functionality Benchmark and 2016 U.S. Mobile Banking Functionality
2 Profitability calculated as credit card segment pre-tax income to open accounts as reported in 4Q15 earnings. BAC Benchmark.
credit card revenue includes Consumer Banking and GWIM portfolios; Balances are end of period. 6 Source: Keynote, 2Q16 Online Banker Scorecard
3 Source: Inside Mortgage Finance as of 4Q15. 7 Source: Corporate Insight, 2015 Bank Monitor Awards, Jan-2016
2
9TENANT OVERVIEW
OUR COMMITMENT TO THE PEOPLE AND THE ECONOMY OF July 1, 2016 update
North Carolina bankofamerica.com/local
@BankofAmerica
Bank of America began serving North Carolina
more than 140 years ago. 158 Financial centers
502 ATMs
The power of local connections
At Bank of America, we have leading capabilities across all our businesses and a strategy
that is focused on connecting our capabilities to deliver for our customers and clients. Commercial business (+73% YOY)
In every situation, we’re committed to growing responsibly and sustainably — ensuring
everything we do aligns to our purpose of helping people live better financial lives.
• Families can have the tools and support they need to live more successful financial lives. $467,830,013
• Neighborhoods can be built on a solid foundation of responsible home lending and Year-to-date new loans to commercial
economic development. businesses
• Businesses, small and large, can benefit from our financial and intellectual capital.
• And the organizations, nonprofits and companies addressing society’s toughest problems
can have the resources and expertise of the company and the efforts of our 225,000 Helping North Carolina businesses grow (+11% YOY)
employees behind them.
In each market, we strive to connect everything our company offers to our clients’
personal and financial goals so we can provide tailored solutions to fit their needs. It’s $146,000,000
how we make this large company personal and how we help our customers, clients and In new credit provided by Bank of America
communities thrive. in 2015 to small businesses in North Carolina
North Carolina Credit extended to commercial businesses that generally have annual revenues of $5 million
to $2 billion. Credit extended to small businesses that generally have annual revenues of less than $5 million.
$167,596,420,000
Retail deposits
(+23% YOY)
$746,412,874
10 Total home loans, year-to-date
*Global Wealth and Investment Management (GWIM), the wealth and investment management division of Bank of America, includes U.S. Trust and
Merrill Lynch. GWIM Client Balances consists of assets under management of GWIM entities, brokerage assets and assets in custody of GWIM entities.MARKET OVERVIEW CHARLOTTE, NC 11
MARKET OVERVIEW
CHARLOTTE, NC UNC Charlotte campus. The line will pass through North Davidson (NoDa) and
Over 7.1 million people live within a 100-mile radius of Charlotte, with Charlotte be- University City. The extension will provide an additional choice of mobility for the
ing the largest city within the region. As a result, Charlotte has become a financial, north commuters and further connect Charlotte’s economic activity centers (Cen-
distribution, and transportation center for the entire region. Although the metro- ter Business District and University City). The $1.2B project is expected to open
politan area itself has a large population base and has experienced strong and service in 2017 and will bring new business and continue to attract development
diversified growth since the 1970s, it has the potential for further growth that has along its length.
attracted favorable local and national attention. As Charlotte increasingly fulfills its
regional role, it will continue to be one of the most attractive investment areas in REPUBLIC SERVICES TO OPEN CUSTOMER SERVICE CENTER
the southeastern United States. February 2016- Republic Services will open a full-service customer service center
in Charlotte, creating more than 350 new jobs and investing $6.8 million over the
TRANSPORTATION AND INFRASTRUCTURE next three years. Currently headquartered in Phoenix, Arizona, Republic Services
Charlotte is served by a highly efficient state and federal highway network, includ- is an industry leader in the domestic non-hazardous solid waste industry, as well as
ing major north-south and east-west interstate arteries, and by a modern interna- a Fortune 500 company, publicly traded on the New York Stock Exchange (NYSE:
tional airport terminal. Interstates 77 and 85, which intersect in Charlotte, are in- RSG). The company has leased 82,375 square feet at 10815 David Taylor Drive.
tegral to the distribution and manufacturing industries. Charlotte’s third interstate
highway is I-485, a 63-mile circumferential highway that was completed in 2015. RED VENTURES TO ADD 500 NEW JOBS IN MECKLENBURG COUNTY
December 2015- Red Ventures will expand its Mecklenburg County operations by
The Charlotte Douglas International Airport is the nation’s 6th busiest airport and adding 500 new jobs over the next five years. This announcement will bring the
the 11th busiest in the world in terms of total passengers with over 38 million pas- company’s employment in Charlotte to more than 1,000 workers. The additional
sengers boarded annually. The Charlotte region is also the center of the nation’s workforce will result in a payroll impact of nearly $24.5 million annually. The com-
largest consolidated rail system. Two major rail systems, CSX Transportation and pany will lease space in Cambridge Corporate Center at 10101 Claude Freeman
Norfolk Southern Railway, link 44,800 miles of rail between Charlotte and 23 Drive in the University Research Park to accommodate its growth. It will invest
states east of the Mississippi River. Over 275 trucking firms located in the region more than $5 million in building improvements and equipment at the new location.
provide ground transportation.
COCA-COLA BOTTLING ANNOUNCES NEW CUSTOMER CARE CENTER
MAJOR EMPLOYERS November 2015- Charlotte-based Coca-Cola Bottling Company Consolidated an-
Charlotte’s largest employers represent a variety of industry sectors, including nounced the opening of a new Customer Care Center on West W.T. Harris Boule-
banking and finance, healthcare, government services, retail, transportation, man- vard in north Charlotte. The facility will handle all of the company’s customer busi-
ufacturing, and telecommunications. The city is home to many corporate head- ness-to-business sales and customer service calls, emails and fax inquiries. Coke
quarters, including Duke Energy, Nucor, Sonic Automotive, SPX, Family Dollar, and Consolidated currently employs 183 people at the facility. The company expects
Goodrich. Lowe’s Home Improvement is also headquartered in the region. Char- to have a total of 300 employees at the new facility and is investing $8.1 million in
lotte ranks fifth in the nation in the number of Fortune 500 headquartered compa- the operation.
nies and is home to operations for 311 Fortune 500 companies.
BLUE LINE EXTENSION
Currently, the Blue Line is 9.6 miles long and operates from I-485 at South Blvd
to uptown Charlotte. The rail service will extend from 9th St in Center City to the
12MARKET OVERVIEW Bank of America Stadium - Home of the Carolina Panthers Spectrum Center - Home of the Charlotte Hornets BB&T Ballpark - Home of the Charlotte Knights Charlotte Motor Speedway 13
DEMOGRAPHICS POPULATION 1-MILE 3-MILE 5-MILE 2022 Projection 6,694 36,987 62,298 2017 Estimate 6,373 34,296 57,476 2010 Census 5,987 30,376 50,145 2000 Census 4,942 20,470 32,338 Growth 2017-2022 5.03% 7.85% 8.39% Growth 2010-2017 6.44% 12.90% 14.62% Growth 2000-2010 21.16% 48.39% 55.07% 2017 EST. HOUSEHOLDS BY HOUSEHOLD INCOME 2,467 13,340 21,687 Income < $15,000 233 9.45% 914 6.85% 1,376 6.34% Income $15,000 - $24,999 257 10.42% 1,087 8.15% 1,656 7.63% Income $25,000 - $34,999 339 13.73% 1,443 10.82% 1,962 9.05% Income $35,000 - $49,999 400 16.21% 1,864 13.98% 2,934 13.53% Income $50,000 - $74,999 322 13.06% 2,387 17.89% 3,944 18.18% Income $75,000 - $99,999 326 13.20% 2,037 15.27% 3,235 14.92% Income $100,000 - $124,999 276 11.19% 1,515 11.36% 2,531 11.67% Income $125,000 - $149,999 163 6.60% 876 6.57% 1,511 6.97% Income $150,000 - $199,999 85 3.45% 669 5.01% 1,315 6.06% Income $200,000 - $249,999 33 1.33% 288 2.16% 579 2.67% Income $250,000 - $499,999 27 1.09% 210 1.57% 489 2.25% Income $500,000+ 7 0.28% 50 0.37% 156 0.72% 2017 EST. AVERAGE HOUSEHOLD INCOME $69,567 $78,870 $86,011 14
CONFIDENTIALITY
Berkeley Capital Advisors, LLC (“BCA”) has been authorized by the owner of the tity at any time with or without notice. The Seller shall have no legal commitment The agent also owes you the duty to:
subject property (the “Seller”) to present you with this marketing package. This or obligation to any entity reviewing this package or making an offer to acquire • Safeguard and account for any money handled for you
is a confidential package intended solely for your own limited use and benefit, as the subject property unless and until a written agreement for such acquisition has • Act with reasonable skill, care and diligence
a principal, in considering whether you desire to pursue negotiations to acquire been fully executed, delivered and approved by the Seller and any conditions to • Be loyal and follow reasonable and lawful instructions
the subject property. the Seller’s obligations thereunder have been satisfied or waived. • Disclose to you any information which might influence your
decision to buy or sell
Your receipt and acceptance of this package serves to acknowledge your Parties seeking to act in a third-party brokerage capacity must register their cli-
agreement to: (1) hold the information and materials contained herein, and the ent(s) with BCA prior to receiving or dispersing any marketing information. BCA Even if the agent does not represent you, the agent must still be fair and hon-
offering they represent, in the strictest of confidence; (2) not disclose, directly or will not recognize any third-party brokerage relationships without first receiving est and disclose to you all “material facts” which the agent knows or reasonably
indirectly, the information and materials contained herein, or the offering they rep- and approving such written client registration, nor will BCA or the Seller be ob- should know. A fact is “material” if it relates to defects or other conditions affect-
resent, to any other person, firm or entity without prior written authorization from ligated for any brokerage claims which may result, regardless of such broker’s ing the property, or if it may influence your decision to buy or sell. This does not
BCA or the Seller; (3) not use the information and materials contained herein in involvement in procuring a purchaser for the subject property. require a seller’s agent to disclose to the buyer the minimum amount the seller
any fashion or manner detrimental to the interest of BCA or the Seller; (4) not will accept, nor does it require a buyer’s agent to disclose to the seller the maxi-
disturb any tenants in possession of the subject property nor reveal to them the This package is the property of BCA. Photocopying, re-typing or other dupli- mum price the buyer will pay.
offering this package represents. cation of the information and materials contained herein is expressly prohibited.
The information contained within this package and the offering of the subject AGENTS WORKING WITH SELLERS
This marketing package was prepared by BCA and it has been reviewed by property may not be announced, posted or otherwise publicized in any electron- A seller can enter into a “listing agreement” with a real estate firm authorizing the
representatives of the Seller. The information and materials contained herein are ic media (such as, by way of example only, any Internet or “broadcast facsimile” firm and its agent(s) to represent the seller in finding a buyer for his property. The
selective and limited in nature, and neither BCA nor the Seller purports this to be communications). listing agreement should state what the seller will pay the listing firm for its ser-
an all-inclusive report on the subject property. Within this package, certain leases, vices, and it may require the seller to pay the firm no matter who finds the buyer.
documents and other materials are described in summary form. These summa- If, after reviewing this package, you have no further interest in acquiring the sub-
ries do not purport to be complete nor necessarily accurate descriptions of the ject property at this time, please return this package in its entirety to BCA. Like- The listing firm may belong to a listing service to expose the seller’s property to
full agreements involved, nor do they purport to constitute a legal analysis of the wise, if the terms contained in this Confidentiality & Disclaimer section are not other agents who are members of the service. Some of those agents may be
provisions of those documents. Interested and qualified prospective purchasers acceptable to you, please immediately return this package to BCA. working with buyers as buyers’ agents; others will be working with buyers but still
will be afforded an opportunity to review additional information and to inspect the representing the sellers’ interests as an agent or “subagent”. When the buyer’s
subject property, and all such prospective purchasers should conduct their own The terms and conditions stated in this Confidentiality & Disclaimer section apply agents and seller’s subagents desire to share in the commission the seller pays
independent due diligence. and relate to all of the sections of this package as if stated independently therein. to the listing firm, the listing agent may share the commission with the seller’s
permission.
This package is based in part upon information supplied by the Seller and in part Prospective purchasers of the subject property are hereby notified that Berkeley
upon information obtained by BCA from sources believed to be reliable. All in- Capital Advisors, and its agents, are acting in the capacity of a “Seller’s Agent” AGENTS WORKING WITH BUYERS
come, expense and/or investment projections contained herein are provided for during the course of this offering, and as such are solely representing the inter- A buyer may contract with an agent or firm to represent him (as a buyer’s agent),
general reference purposes only, in that they are based on assumptions relating ests of the Seller. or may work with an agent or firm that represents the seller (as a seller’s agent or
to the general economy, competition and other factors beyond the control of subagent). All parties in the transaction should find out at the beginning who the
BCA and the Seller, and all such projections are therefore subject to variation. DESCRIPTION OF AGENT DUTIES AND RELATIONSHIPS agent working with the buyer represents.
This package shall not be deemed an indication of the state of affairs of the sub- Before you begin working with any real estate agent, you should know who
ject property, nor constitute an indication that there has been no change in the the agent represents in the transaction. Every listing agreement, buyer agen- If a buyer wants a buyer’s agent to represent him in purchasing a property, the
business or affairs of the subject property since the date of preparation of this cy agreement or other agreement for brokerage services in a real estate sales buyer should enter into a “buyer agency agreement” with the agent. The buy-
package. transaction in North Carolina must contain this “Description of Agent Duties and er agency agreement should state how the buyer’s agent will be paid. Unless
Relationships” [N.C. Real Estate Commission Rule 21 NCAC 58A.0104(c), eff. some other arrangement is made which is satisfactory to the parties, the buyer’s
Neither BCA, the Seller, nor any of their respective officers, employees or agents, 7/1/95]. Real estate agents should carefully review this information with you prior agent will be paid by the buyer. Many buyer agency agreements will also obli-
has made or does make any representation or warranty, expressed or implied, to entering into any agency agreement. gate the buyer to pay the buyer’s agent no matter who finds the property that
as to the accuracy or completeness of this package or any of its contents, and the buyer purchases.
no legal commitments or obligations shall arise by reason of this package or its AGENT’S DUTIES
contents. When you contract with a real estate firm to act as your agent in a real estate A buyer may decide to work with a firm that is acting as agent for the seller (a
transaction, the agent must help you obtain the best price and terms possible, seller’s agent or subagent). If a buyer does not enter into a buyer agency agree-
BCA and the Seller expressly reserve the right, at their sole discretion, to alter or whether you are the buyer or seller. ment with the firm that shows him properties, that firm and its agents will show the
amend the terms of this offering, to reject any or all expressions of interest or of- buyer properties as an agent or subagent working on the seller’s behalf. Such a
fers to acquire the subject property and/or to terminate discussions with any en- firm represents the seller (not the buyer) and must disclose that fact to the buyer.
15CHARLOTTE ASHEVILLE NASHVILLE
1228 East Morehead Street, Suite 200 138 Charlotte Street, Suite 220 1510 16th Avenue, Suite 300
Charlotte, North Carolina 28204 Asheville, North Carolina 28801 Nashville, Tennessee 32712
704.379.1980 704.714.2365 615.970.6596
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