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Views: 156 DOM: 442 Updated: 08.14.24 Posted: 06.23.23 Status: Active

Summary

Price $2,329,412
Built/Renov 2023
Tenant PNC Bank (GL)
Cap Rate 4.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,500
Lease Start 04-01-2021
#Units 2,300
Price/SF $931.76
Expiration 03-31-2041
Tenant Type Bank/Financial
NOI $99,000
R. Term 16.6
Ownership Ground Lease
Rent/SF $39.60
Increases 10.0%/5/yrs
Pop 5Mi 143,542
Lot/AC 0.94
Options 2/5yrs/10%
AHHI 5Mi $84,687

Lease Highlights

  • PNC Bank has over 17 years remaining on the current lease term with 2 (5-year) options to extend
  • Lease features 10% rental increases every 5 years throughout the initial term and at the start of each option
  • Absolute NNN | Zero landlord responsibilities
  • Corporate guarantee by PNC Financial Services Group Inc. (NYSE: PNC)

Location Description

This newly constructed PNC Bank is strategically located at the signalized, hard corner intersection of PA-51 and Plaza Drive with access to 26,260 vehicles per day. The site is an outparcel to the dominant local grocery, Shop N Save and adjacent to MVH Regional Hospital further increasing consumer traffic to the area. National/credit tenants in the area include Dunkin’ Donuts, Subway, Burger...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: PNC Bank
  • Guarantor:Corp T and Rated
  • Company:PNC Financial Services Group Inc.
  • # Units:2,300
  • Tenant S&P: A-
  • Moody’s: A3
  • Stock: NYSE: PNC

About Tenant

PNC Bank, a subsidiary of The PNC Financial Services Group, Inc., is an American bank holding company and financial services corporation that operates in 27 states and the District of Columbia,...


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Listing Broker

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