TEXAS BROKER OF RECORD: BRIAN A. KAPLAN: TX License No.: 591047
The investment offering consists of a Single Tenant Net Lease (STNL) for a PNC Bank (S&P Credit Rating: A), strategically located in a high-traffic, Target-anchored shopping center in San Antonio, TX. PNC Bank has operated at this location since 2008 and recently renewed its lease in 2022 for the first of two five-year option periods. This PNC Bank is one of two branches within a 3-mile radius, serving an ideal customer base, which includes 110,000 residents, 85,000 employees, and a daytime population of over 45,000. The lease includes a Fair Market Value (FMV) adjustment option, allowing for potential rental growth and serving as a hedge against inflation. Additionally, the site features a drive-thru building with ATMs, offering convenience for customers and adding intrinsic value for investors.
The property is located at a signalized hard corner on Blanco Road, with traffic counts of approximately 33,000 vehicles per day, and is near an on/off ramp of I-410 (250,000 vehicles per day). Its proximity to North Star Mall, anchored by Saks Fifth Avenue, Macy’s, Dillard’s, and JC Penney, drives high foot traffic and retail synergy. The area also includes prominent national retailers such as Target, Best Buy, and Burlington, as well as popular restaurants and fitness centers like Cheesecake Factory, Shake Shack, LA Fitness, and Crunch Fitness.