Citizens Bank - Glen Mills, PA

Asset Type

Retail

Address
1071 Baltimore Pike Glen Mills, PA United States 19342-1018
Asking Price

S$7,412,000

Sq Footage

3,500

Year Built

2010

Cap Rate

5.50%

Additional Attributes
Current / Passing Rent S$407,700
Escalations 15% Every 5 Years
Guarantor 0010Y00000iAV1nQAG
Lease Expiration 2030-10-06
Lease Type NNN
Options 2 x 5 Years
S & P Credit Rating BBB+
Tenant Citizens Bank NA

Property Description

JLL is pleased to offer for sale a Citizens Bank (the Property or Asset) ground lease located in Glen Mills, PA (Philadelphia MSA). Situated within an affluent community 20 miles west of downtown Philadelphia, the Property possesses location stability within a dense retail market while also in close proximity to large employers. The immediate area hosts leading national tenants including Costco, Toyota, Target and Home Depot. Nearby employers include State Farm Insurance, Deloitte and Maris Grove Retirement Community. The Asset has over 12 years of term remaining on a triple-net ground lease that features 15% rental increases every 5 years. This branch contains $69.78 million in deposits and has seen consistent growth over the last five years. Leased to Citizens Financial Group on a corporate guarantee, the Asset offers investment grade tenancy (S&P: BBB+) on a long term lease that has seen strong deposit growth over recent years.

Investment Highlights

  • Generational asset
  • Citizens Bank of Pennsylvania with parent Citizens Financial Group, Inc. guarantor
  • 13th largest retail bank in the US
  • Investment grade credit; S&P BBB+
  • Absolute NNN Ground Lease
  • 15% rent increases every 5 years; upcoming 15% increase in 2020
  • Strong deposit base and 337% deposit growth from 2012 to 2017
  • Extremely high barriers to entry – prominent retail corridor
  • No cost spared with development
  • 2010 construction
  • Adjacent to Chick-fil-A, Texas Roadhouse, Hampton Inn and Suites, Concord Country Club, and regional State Farm office campus
  • Can be purchased together or separately from adjacent Texas Roadhouse property – contact JLL for additional information
Listing Contacts
Nate Cleland
Sr Associate, Brokerage
+65 3159 4021
James Galbally
James Galbally
Managing Director, Captl Mkts
+65 3159 4021
PA - RS295928
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