bank siteplan tx

8/4/2019 Bank Siteplan TX

1/6This information has been obtained from sources deemed reliable, however Kimco does not guarantee, warranty or represent its accuracy.

It is the Purchasers responsibility to independently confirm the accuracy and completeness of the information contained herein.

For more information, contac

Robert James, Director of Real Esta

280 Park Avenue, 24th Floor West, New York, NY 1001

[email protected]

Phone 212-972-7457 Fax 212-972-749

www.kimcoexchangeplace.co

1031 Exchange Opportunity

Kimco Exchange Place is a subsidiary of Kimco Realty Corporation.

Absolute Triple Net Ground Lease with Building Loan Component

Bank of America with 8 Lane Drive-Thru

116 East Seminary Drive, Ft. Worth, TX

Property Summary:

The Bank of America Building contains 5,300 square feet plus an 8 lane drive-thru, situated on 1.38 acres.

The 1,023,883 square foot Fort Worth Towne Center (anchored by Dillards, Fiesta Mart, Levines Clothing

and Sears) is located directly across the street and includes Eckerd Drug, Dollar General, Cinema Latino,

Marabu Club, Electronics Plus, Foot Locker, GNC, Payless Shoe Source, Radio Shack and a food court.

Nearby retail includes Pep Boys Super Center, Long John Silvers, Wendys, Grandys, Dennys Express CafTaco Cabana, Jack-in-the-Box, What-A-Burger, Taco Bell, Pearle Vision, Raceway, Phone America, Rent a

Center and Sonic. Fort Worth, TX is consistently ranked among top places in the nation to work and live by

national magazines like Money, Fortune and Newsweek. The city is home to major corporations such as

Lockheed Martin, American Airlines, Bell Helicopter Textron, Burlington Northern Railroad, Pier 1 Imports

and Radio Shack.

Price and Cap:

We offer this property at $3,385,000 which is a 6.5% cap rate on NOI of $220,042. The NOI consists of a

$62,720 ground rent payment plus a loan payment of $157,322 (of which $63,330 is return of capital and not

subject to tax). The lease gives the landlord the right to depreciate the building which was constructed by the

tenant. At the end of the initial term, rent for the combined land and building is set by an appraisal.

Tenant: Bank of America N.A. (NYSE: BAC)

Bank of America is the nation's first coast-to-coast bank and the third-largest bank in the US by assets (behind

Citigroup and JP Morgan Chase and ahead of hometown competitor Wachovia). They purchased Northeastern

banking behemoth FleetBoston in 2004 for almost $50 billion, as well as National Processing from National

City. Bank of America also boasts the country's most extensive branch network, with more than 5,700

locations covering some two dozen states and the District of Columbia. The FleetBoston deal should help

expand its reach in other parts of the world as well, particularly Latin America. For the fiscal year ended

December 2003 sales were over $49 billion. 2003 sales growth was 5.7% and net income was $10.8 billion, a

one year growth of 16.9%.

Lease Type:

This is an absolute triple net ground lease. The tenant constructed the building. Landlord owns the building andcan depreciate it. Landlord has absolutely no maintenance, repair or replacement responsibility for the building

or land, such responsibility being solely that of the tenant.

Lease Summary: 20 Year Triple Net

Rent Start Date: January 10, 1994

Expiration Date: January 9, 2014

Options to Renew: 2 (5) year renewals at fair market value for land and building

improvements, by MAI appraisal.

Rent Breakdown: See page 2 of flyer for detailed rent breakdown including loan terms and

payments.

Property Summary:

The Bank of America Building contains 5,300 square feet plus an 8 lane drive-thru, situated on 1.38 acres.

The 1,023,883 square foot Fort Worth Towne Center (anchored by Dillards, Fiesta Mart, Levines Clothing

and Sears) is located directly across the street and includes Eckerd Drug, Dollar General, Cinema Latino,

Marabu Club, Electronics Plus, Foot Locker, GNC, Payless Shoe Source, Radio Shack and a food court.

Nearby retail includes Pep Boys Super Center, Long John Silvers, Wendys, Grandys, Dennys Express Caf,Taco Cabana, Jack-in-the-Box, What-A-Burger, Taco Bell, Pearle Vision, Raceway, Phone America, Rent a

Center and Sonic. Fort Worth, TX is consistently ranked among top places in the nation to work and live by

national magazines like Money, Fortune and Newsweek. The city is home to major corporations such as

Lockheed Martin, American Airlines, Bell Helicopter Textron, Burlington Northern Railroad, Pier 1 Imports

and Radio Shack.

Price and Cap:

We offer this property at $3,385,000 which is a 6.5% cap rate on NOI of $220,042. The NOI consists of a

$62,720 ground rent payment plus a loan payment of $157,322 (of which $63,330 is return of capital and not

subject to tax). The lease gives the landlord the right to depreciate the building which was constructed by the

tenant. At the end of the initial term, rent for the combined land and building is set by an appraisal.

Tenant: Bank of America N.A. (NYSE: BAC)

Bank of America is the nation's first coast-to-coast bank and the third-largest bank in the US by assets (behind

Citigroup and JP Morgan Chase and ahead of hometown competitor Wachovia). They purchased Northeastern

banking behemoth FleetBoston in 2004 for almost $50 billion, as well as National Processing from National

City. Bank of America also boasts the country's most extensive branch network, with more than 5,700

locations covering some two dozen states and the District of Columbia. The FleetBoston deal should help

expand its reach in other parts of the world as well, particularly Latin America. For the fiscal year ended

December 2003 sales were over $49 billion. 2003 sales growth was 5.7% and net income was $10.8 billion, a

one year growth of 16.9%.

Lease Type:

This is an absolute triple net ground lease. The tenant constructed the building. Landlord owns the building andcan depreciate it. Landlord has absolutely no maintenance, repair or replacement responsibility for the building

or land, such responsibility being solely that of the tenant.

Lease Summary: 20 Year Triple Net

Rent Start Date: January 10, 1994

Expiration Date: January 9, 2014

Options to Renew: 2 (5) year renewals at fair market value for land and building

improvements, by MAI appraisal.

Rent Breakdown: See page 2 of flyer for detailed rent breakdown including loan terms and

payments.







[email protected]

Phone 212-972-7457 Fax 212-972-749




Year Ground Rent

Construction

Loan

Reimbursement

Approximate Portion of

Construction Loan which is re-

payment of principal/not

subject to tax Total Payment

2005 $62,720 $157,322 $63,630 $220,0422006 $62,720 $157,322 $70,748 $220,0422007 $62,720 $157,322 $78,661 $220,0422008 $62,720 $157,322 $87,460 $220,042

2009 $70,246 $157,322 $97,242 $227,5682010 $70,246 $157,322 $108,120 $227,5682011 $70,246 $157,322 $120,213 $227,5682012 $70,246 $157,322 $133,660 $227,5682013 $70,246 $157,322 $148,610 $227,568

Note: Loan is fully amortized over 240 months based on a 10.65% interest rate.







[email protected]

Phone 212-972-7457 Fax 212-972-749




Note: As you will see on the site plan, the bank demolished an existing branch they occupied

and built this new branch in 1994. The bank has been at this location for over 20 years.







[email protected]

Phone 212-972-7457 Fax 212-972-749





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