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Branch Banking & Trust

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81 Cornerstone Drive
Cary, NC

General Info

Status SOLD
Property Type Single Tenant
Other Info Ground Lease
Price $2,562,000
Cap Rate 4.25%
Building Size 3,999 sq. ft.
Land Area 1.670 acres

Key Demographics

Population 740,630 180,527
Daytime Population 44,452 127,319
Median Age 37 Yrs. 37 Yrs.
Households 28,030 70,202
Avg. Household Income $125,669 $113,468
# of Businesses 2,385 7,144
# of Employees 27,797 87,726


NNN Corporate Ground Lease
This 20 year lease features a corporate guaranty from investment grade tenant and is absolute NNN with no Landlord responsibilities.

Fortune 500 Tenant With Investment Grade Credit
Branch Banking and Trust (NYSE: BBT) is a Fortune 500 company with over $220 billion in assets, market capitalization of $30.97 billion as of September 2016, and an S & P credit rating of A-. BB&T generated record revenue in 2015 of $9.8 billion.

Strong Deposit Base
This location reported $50.39 million in deposits as of June 2016, which was an increase of 30% from previous year.

Long Term Lease with Significant Increases
The lease features 10% increases in rent every five years, continuing through the two (2) 10-year options to renew.

Excellent Location
This oversized outparcel is located adjacent to Stone Creek Village Shopping Center, a 130,262 SF center anchored by Harris Teeter, in Cary, North Carolina. Located on a major east-west connector and commuting route for Research Triangle Park, thousands of cars pass this location on a daily basis.  

Superior Demographics
Within one mile of the property, the median household income is $151,130 with 71.1% having a household income over $100,000. Retail expenditures average $3,798 per household per month.

Highly Trafficked Intersection
Davis Rd - 26,000 
High House Rd - 25,000 
NC-55 - 30,000

Annual Summary of Deposits (SOD)1
2016 $50.39 million
2015 $38.71 million
2014 $36.84 million
2013 $35.90 million
2012 $30.99 million

1 Source: www.fdic.gov