Wednesday, December 3, 2014

Ground Lease Portfolio of 2 | BB&T Bank & Clear Channel - Fort Washington, MD


Excellent Location - The Property is located in the Washington DC MSA and boasts affluent demographics with over 200,000 residents and an average household income of approximately $108,766 within a 5 mile radius.
Strong Credit – BB&T Bank has an investment grade credit rating of A-/Stable with over $128.56bb in deposits across 1,823 branches. Clear Channel Outdoor Holdings, Inc. (NYSE: CCO) currently has a market cap of $2.52B.
History - The tenants have each had operations here for over 20 years and BB&T recently exercised their first renewal option evidencing their commitment to this location.
Absolute NNN Lease - The leases are absolute NNN ground leases with no landlord responsibilities whatsoever. 
Deposits – As of June 30, 2014, BB&T reported over $42.6M in deposits at this location.

Location Description

Fort Washington is an unincorporated area and census-designated place in Prince George’s County, Maryland. It borders the capital of the United States of America, Washington, D.C., situated just south of the downtown district. It is a prosperous community with an African American majority population. As of the 2010 census it had a population of 23,717. The Fort Washington community is located west of Maryland Route 210, with some additional area to the east of the highway.
Washington, D.C., is the capital of the United States and is located on the north bank of the Potomac River, bordered by the states of Virginia to the southwest and Maryland to the other sides. The 2010 United States Census found that the District has a population of 601,657 residents, continuing a trend of population growth in the city since the 2000 Census, which recorded 572,059 residents. During the workweek, however, the number of commuters from the suburbs into the city swells the District’s population by over 70%, to a daytime population of over one million people. The Washington Metropolitan Area, which includes the District and surrounding localities, is the seventh-largest metropolitan area in the United States with approximately 5.6 million residents as of the 2010 Census. When the Washington area is included with Baltimore and its suburbs, the Baltimore–Washington Metropolitan Area had a population exceeding 8.5 million residents in 2010, the fourth-largest combined statistical area in the country.

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