Citizens Bank - Glen Mills, PA

1071 Baltimore Pike
Glen Mills, PA 19342

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.
  • Primary Broker

    Nate Cleland - Net Lease Broker
    Nate Cleland
    (215) 988-5573

  • In-State Licensee

    James Galbally - Net Lease Broker
    James Galbally
    PA

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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
Property Address 1071 Baltimore Pike
Glen Mills, PA 19342
Building Size 3,500 Square Feet
Primary Use Bank
Year Built 2010
Tenancy Single-Tenant
Financial
Price $5,667,848
Price PSF $1,619.39
Cap Rate 5.25%
Current NOI $297,562
Lease
Tenant Name Citizens Bank of Pennsylvania
Guarantor Citizens Financial Group Inc.
Annual Rent $297,562
Rent Escalations 15% Every 5 Years
Options 2 x 5 Years
Lease Expiration Date 10/6/2030
Remaining Term 12.0Yrs