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Bank

Citizens Bank - 10 Yr Abs NNN - Relocation

4106 Pearl Rd, Cleveland, OH 44109

Listing Price: $2,614,000

Cap Rate
5.85%
Tenant Name
Citizens Bank, N.A.
Years Remaining On Lease
9.6
Gross SF
2,200
Guarantor
Corporate Guarantee
Rentable SF
2,200
Price/Gross SF
$1,188.18
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$69.50

Investment Overview

Citizens Financial Group, Inc. (NYSE: CFG), founded in 1828, is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets, $159.0 billion in deposits, 1,200 branch locations, and 3,300 ATMs as of June 30, 2022. The Company is headquartered in Providence, Rhode Island and has operations in 14 U.S. states across the New England, Mid-Atlantic, and Midwest regions. A major city in both Ohio and the Great Lakes region, Cleveland is the county seat of Cuyahoga County and home to an estimated 372,624 residents. Situated in the northeastern corner of Ohio and west of the Pennsylvania state border, the Cleveland metro extends 100 miles along the Lake Erie shore and more than 40 miles inland. The eastern part of the region lies on the Appalachian Plateau, while the western portion sits upon the Great Lakes Plains. The metro is home to roughly 2.1 million residents, which is approximately a fifth of the entire Ohio population.

Investment Highlights

  • New 10-Year Absolute Triple-Net (NNN) Lease with Citizens Bank, N.A. (S&P A-)
  • New High-Quality 2022 Construction - Relocation Branch
  • 10 Percent Rental Increases Every Five Years
  • 317,227 Residents Within a Five-Mile Radius - Dense Cleveland Infill
  • Adjacent to the Cleveland Zoo - Cleveland's Most Visited Year-Round Attraction with Over One Million Annual Visitors
  • Situated Just South of MetroHealth Main Campus Medical Center, One of the Area's Largest Employers - MetroHealth is in the Process of Expanding and Developing its Main Campus and Revitalizing the Surrounding Neighborhood
  • Excellent Visibility Along Pearl Road (Over 20,200 Cars per Day)
  • Located Within a 10-Minute Drive of Downtown Cleveland and Cleveland Hopkins International Airport

Exclusively Listed By

Financing By

Bank

Citizens Bank - 10 Yr Abs NNN - Relocation

Listing Price: $2,614,000

Cap Rate
5.85%
Tenant Name
Citizens Bank, N.A.
Years Remaining On Lease
9.6
Gross SF
2,200
Guarantor
Corporate Guarantee
Rentable SF
2,200
Price/Gross SF
$1,188.18
Lease Type
Triple Net (NNN)
Rent Per Square Feet
$69.50

Investment Highlights

  • New 10-Year Absolute Triple-Net (NNN) Lease with Citizens Bank, N.A. (S&P A-)
  • New High-Quality 2022 Construction - Relocation Branch
  • 10 Percent Rental Increases Every Five Years
  • 317,227 Residents Within a Five-Mile Radius - Dense Cleveland Infill
  • Adjacent to the Cleveland Zoo - Cleveland's Most Visited Year-Round Attraction with Over One Million Annual Visitors
  • Situated Just South of MetroHealth Main Campus Medical Center, One of the Area's Largest Employers - MetroHealth is in the Process of Expanding and Developing its Main Campus and Revitalizing the Surrounding Neighborhood
  • Excellent Visibility Along Pearl Road (Over 20,200 Cars per Day)
  • Located Within a 10-Minute Drive of Downtown Cleveland and Cleveland Hopkins International Airport

Investment Overview

Citizens Financial Group, Inc. (NYSE: CFG), founded in 1828, is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets, $159.0 billion in deposits, 1,200 branch locations, and 3,300 ATMs as of June 30, 2022. The Company is headquartered in Providence, Rhode Island and has operations in 14 U.S. states across the New England, Mid-Atlantic, and Midwest regions. A major city in both Ohio and the Great Lakes region, Cleveland is the county seat of Cuyahoga County and home to an estimated 372,624 residents. Situated in the northeastern corner of Ohio and west of the Pennsylvania state border, the Cleveland metro extends 100 miles along the Lake Erie shore and more than 40 miles inland. The eastern part of the region lies on the Appalachian Plateau, while the western portion sits upon the Great Lakes Plains. The metro is home to roughly 2.1 million residents, which is approximately a fifth of the entire Ohio population.

Exclusively Listed By

Financing By

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