Citizens Bank - Glen Mills, PA

1071 Baltimore Pike Glen Mills , PA 19342-1018

Citizens Bank - Glen Mills, PA - Retail for sale

Download Offering Memorandum

Overview


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
General
Property Type Retail
Tenure Type Sale / Purchase
Property Address 1071 Baltimore Pike, Glen Mills, PA 19342-1018
Land In Acres 1.07
Building Size 3,500  ft2
Financial
Price $5,410,220
Cap Rate 5.50%
Current NOI $297,562.00
Lease
Tenant's Name Citizens Bank NA
Guarantor Citizens Financial Group Incorporated
Guarantor Credit Rating (S&P) BBB+
Lease Type NNN
Annual Rent $297,562.00
Lease Expiration Date 10/06/2030
Remaining Term 11.4Yrs

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