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Bank

Citizens Bank - Turtle Creek, PA

850 Penn Ave, Turtle Creek, PA 15145

Listing Price: $1,812,118

Cap Rate
7.00%
Tenant Name
Citizens Bank, N.A.
Years Remaining On Lease
2.9
Guarantor
Corporate Guarantee
Rentable SF
10,522
Lease Type
Absolute Net
Rent Per Square Feet
$12.06

Investment Overview

Tenant Overview Citizens Financial Group, Inc. (NYSE: CFG), founded in 1828, is one of the nation’s oldest and largest financial institutions, with $179.9 billion in assets, $143.6 billion in deposits, 1,000 branch locations, and 2,700 ATMs as of June 30, 2020. The Company is headquartered in Providence, Rhode Island and has operations in 13 U.S. states: Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, South Carolina, Pennsylvania, Rhode Island, and Vermont. Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center, and the convenience of its branch locations and ATMs. Consumer Banking products and services include a full range of banking, lending, savings, wealth management, and small business offerings. In Commercial Banking, Citizens offers a broad range of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, corporate finance, and more. Location Overview Turtle Creek is a borough in Pennsylvania’s Allegheny County, approximately 12 miles southeast of Pittsburgh. The borough has population of just over 5,000 residents. Turtle Creek was named for a small stream that flows into the Monongahela River. The Pittsburgh Metropolitan Statistical Area (MSA) is home to nearly 2.4 million people and is comprised of seven counties (Allegheny, Armstrong, Beaver, Butler, Fayette, Washington, and Westmoreland Counties). The city of Pittsburgh is the region’s largest city and economic center. Pittsburgh’s leading industries include advanced manufacturing, healthcare, energy, financial and business services, and information technology. Top employers in the area include Alcoa Inc., Kraft Heinz Co, and Highmark Health. Pittsburgh is home to the country’s second largest inland port, 18 commercial railroad systems, access to several interstate highways, and 50% of U.S. buying power within 500 miles. Pittsburgh is known as America’s “Most Livable City” thanks in part to its affordable standard of living, top-notch health care facilities, and cultural attractions. Pittsburgh is a vibrant, mid-sized city with a small town feel.

Investment Highlights

  • Absolute Triple-Net Corporate Lease with Citizens Bank, N.A. (S&P A-)
  • 3 Years Remaining on Lease Term
  • 2.5% Annual Increases
  • Signalized Hard Corner Location at the Intersection of Penn Avenue and Grant Street
  • Site Includes Drive-Thru ATM
  • Minutes to Monroeville Mall and the Route 22 Commercial Corridor
  • Strong Daytime Population - 189,100+ Employees in Surrounding Area

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s) PA: RM424190

    Pennsylvania

Bank

Citizens Bank - Turtle Creek, PA

Listing Price: $1,812,118

Cap Rate
7.00%
Tenant Name
Citizens Bank, N.A.
Years Remaining On Lease
2.9
Guarantor
Corporate Guarantee
Rentable SF
10,522
Lease Type
Absolute Net
Rent Per Square Feet
$12.06

Investment Highlights

  • Absolute Triple-Net Corporate Lease with Citizens Bank, N.A. (S&P A-)
  • 3 Years Remaining on Lease Term
  • 2.5% Annual Increases
  • Signalized Hard Corner Location at the Intersection of Penn Avenue and Grant Street
  • Site Includes Drive-Thru ATM
  • Minutes to Monroeville Mall and the Route 22 Commercial Corridor
  • Strong Daytime Population - 189,100+ Employees in Surrounding Area

Investment Overview

Tenant Overview Citizens Financial Group, Inc. (NYSE: CFG), founded in 1828, is one of the nation’s oldest and largest financial institutions, with $179.9 billion in assets, $143.6 billion in deposits, 1,000 branch locations, and 2,700 ATMs as of June 30, 2020. The Company is headquartered in Providence, Rhode Island and has operations in 13 U.S. states: Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, South Carolina, Pennsylvania, Rhode Island, and Vermont. Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center, and the convenience of its branch locations and ATMs. Consumer Banking products and services include a full range of banking, lending, savings, wealth management, and small business offerings. In Commercial Banking, Citizens offers a broad range of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, corporate finance, and more. Location Overview Turtle Creek is a borough in Pennsylvania’s Allegheny County, approximately 12 miles southeast of Pittsburgh. The borough has population of just over 5,000 residents. Turtle Creek was named for a small stream that flows into the Monongahela River. The Pittsburgh Metropolitan Statistical Area (MSA) is home to nearly 2.4 million people and is comprised of seven counties (Allegheny, Armstrong, Beaver, Butler, Fayette, Washington, and Westmoreland Counties). The city of Pittsburgh is the region’s largest city and economic center. Pittsburgh’s leading industries include advanced manufacturing, healthcare, energy, financial and business services, and information technology. Top employers in the area include Alcoa Inc., Kraft Heinz Co, and Highmark Health. Pittsburgh is home to the country’s second largest inland port, 18 commercial railroad systems, access to several interstate highways, and 50% of U.S. buying power within 500 miles. Pittsburgh is known as America’s “Most Livable City” thanks in part to its affordable standard of living, top-notch health care facilities, and cultural attractions. Pittsburgh is a vibrant, mid-sized city with a small town feel.

Broker of Record

  • Sean Beuche

    Vice President/Regional Manager

    (215) 531-7000

    License(s): PA: RM424190

    Pennsylvania

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