Bank

Citizens Bank - 15 YEAR ABS. NNN

4015 Erie St, Willoughby (Cleveland), OH 44094

Listing Price: $4,596,000

Cap Rate
5.15%
Tenant Name
Citizens Bank
Years Remaining On Lease
14.0
Guarantor
Corporate Guarantee
Rentable SF
3,500
Lease Type
Absolute Net
Rent Per Square Feet
$66.86

Investment 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. Willoughby is located in Ohio’s Lake County and is a suburb of Cleveland. The city’s estimated 2019 population is just under 23,000 people. Willoughby was founded in the late 1700s by Yale graduate David Abbott. In 1834, a group of local doctors established the Willoughby University of Lake Erie Medical College, named after Dr. Westel Willoughby, their former professor at New York’s Fairfield Medical College. That same year, the city was named “Willoughby” after Dr. Willoughby.

Investment Highlights

  • 15 Year Absolute Triple-Net (NNN) Lease with Citizens Bank, N.A., a Subsidiary of Citizens Financial Group, Inc. (NYSE: CFG; S&P A Credit Rating)
  • Eight Percent Rental Increases Every Five Years
  • 112,000 Residents within a Five-Mile Radius - Cleveland MSA
  • Subject Property is Relocation of an Established Nearby Branch
  • Extremely Strong Deposits of $131,790,000 - 11.5 Percent Year Over Year Growth
  • Prime Location in the Heart of Downtown Willoughby

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

Listing Price: $4,596,000

Cap Rate
5.15%
Tenant Name
Citizens Bank
Years Remaining On Lease
14.0
Guarantor
Corporate Guarantee
Rentable SF
3,500
Lease Type
Absolute Net
Rent Per Square Feet
$66.86

Investment Highlights

  • 15 Year Absolute Triple-Net (NNN) Lease with Citizens Bank, N.A., a Subsidiary of Citizens Financial Group, Inc. (NYSE: CFG; S&P A Credit Rating)
  • Eight Percent Rental Increases Every Five Years
  • 112,000 Residents within a Five-Mile Radius - Cleveland MSA
  • Subject Property is Relocation of an Established Nearby Branch
  • Extremely Strong Deposits of $131,790,000 - 11.5 Percent Year Over Year Growth
  • Prime Location in the Heart of Downtown Willoughby

Investment 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. Willoughby is located in Ohio’s Lake County and is a suburb of Cleveland. The city’s estimated 2019 population is just under 23,000 people. Willoughby was founded in the late 1700s by Yale graduate David Abbott. In 1834, a group of local doctors established the Willoughby University of Lake Erie Medical College, named after Dr. Westel Willoughby, their former professor at New York’s Fairfield Medical College. That same year, the city was named “Willoughby” after Dr. Willoughby.

Exclusively Listed By

Broker of Record

  • Michael L. Glass

    Senior Vice President / Division Manager

    License(s): OH: BRK.2007005898

    Ohio

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