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Bank

Citizens Bank- Parma Heights, OH

6555 Pearl Rd, Parma Heights, OH 44130

Listing Price: $1,326,821

Cap Rate
7.00%
Tenant Name
Citizens Bank, N.A.
Years Remaining On Lease
2.9
Guarantor
Corporate Guarantee
Rentable SF
3,200
Lease Type
Absolute Net
Rent Per Square Feet
$29.02

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 Located in Ohio’s Cuyahoga County, Parma Heights is a western suburb of Cleveland with a population of nearly 20,000 people. Parma Heights offers its residents a convenient lifestyle; located near Cleveland and Cleveland Hopkins International Airport close to multiple freeways, easy access to parks and green space, cultural activities, restaurants and shopping. Greater Cleveland is ranked as the 32nd largest metropolitan area in the United States, with 2,055,612 people in 2016. Located on the southern shore of Lake Erie, Cleveland is approximately 60 miles west of the Pennsylvania border. Cleveland is home to the corporate headquarters of many large companies such as Applied Industrial Technologies, Cliffs Natural Resources, Eaton Corp., KeyBank, The Progressive Corporation, Travel Centers of America, NACCO Industries, and Sherwin-Williams Company. Cleveland’s location on the Cuyahoga River and Lake Erie has been key to its growth. The Ohio and Erie Canal coupled with rail links helped establish the city as an important business center. Steel and many other manufactured goods emerged as leading industries. NASA maintains a facility in Cleveland, the Glenn Research Center. Jones Day, one of the largest law firms in the US, began in Cleveland. Cleveland is also home to the Rock and Roll Hall of Fame.

Investment Highlights

  • Absolute Triple-Net Corporate Lease with Citizens Bank, N.A. (S&P A-)
  • 3 Years Remaining on Lease Term
  • 1% Annual Increases
  • Excellent Visibility along Pearl Road - 19,725 VPD
  • 1 Mile North of Cuyahoga Community College's Western Campus
  • Strong Daytime Population - 245,170+ Employees in Surrounding Area

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s) OH: BRK.2007005898

    Ohio

Bank

Citizens Bank- Parma Heights, OH

Listing Price: $1,326,821

Cap Rate
7.00%
Tenant Name
Citizens Bank, N.A.
Years Remaining On Lease
2.9
Guarantor
Corporate Guarantee
Rentable SF
3,200
Lease Type
Absolute Net
Rent Per Square Feet
$29.02

Investment Highlights

  • Absolute Triple-Net Corporate Lease with Citizens Bank, N.A. (S&P A-)
  • 3 Years Remaining on Lease Term
  • 1% Annual Increases
  • Excellent Visibility along Pearl Road - 19,725 VPD
  • 1 Mile North of Cuyahoga Community College's Western Campus
  • Strong Daytime Population - 245,170+ 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 Located in Ohio’s Cuyahoga County, Parma Heights is a western suburb of Cleveland with a population of nearly 20,000 people. Parma Heights offers its residents a convenient lifestyle; located near Cleveland and Cleveland Hopkins International Airport close to multiple freeways, easy access to parks and green space, cultural activities, restaurants and shopping. Greater Cleveland is ranked as the 32nd largest metropolitan area in the United States, with 2,055,612 people in 2016. Located on the southern shore of Lake Erie, Cleveland is approximately 60 miles west of the Pennsylvania border. Cleveland is home to the corporate headquarters of many large companies such as Applied Industrial Technologies, Cliffs Natural Resources, Eaton Corp., KeyBank, The Progressive Corporation, Travel Centers of America, NACCO Industries, and Sherwin-Williams Company. Cleveland’s location on the Cuyahoga River and Lake Erie has been key to its growth. The Ohio and Erie Canal coupled with rail links helped establish the city as an important business center. Steel and many other manufactured goods emerged as leading industries. NASA maintains a facility in Cleveland, the Glenn Research Center. Jones Day, one of the largest law firms in the US, began in Cleveland. Cleveland is also home to the Rock and Roll Hall of Fame.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    (216) 264-2000

    License(s): OH: BRK.2007005898

    Ohio

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