PNC Bank | Absolute NNN Lease

Highlights:

• Investment Grade Tenant: PNC Bank is one of the largest and most stable financial institutions in the United States and offers one of the stronger guarantees on the market, boasting an S&P rating of A- and a Moody’s rating of A3. PNC Bank operates over 2,200 branches and 60,000 ATMs nationwide and has approximately $560 billion in assets.
• Long Operating History: Originally developed as a ground lease to Provident National Bank, this building has operated as a bank since its construction in the 1950’s. PNC Bank assumed operations following its merger with Provident National Bank in 1983. In 2005, ownership of the building reverted to the landowner, and PNC entered into a new NNN lease, having recently exercised its current 5-year option period.
• Philadelphia MSA: Germantown is a neighborhood in northwest Philadelphia, about 8 miles from city center Philadelphia. The Philadelphia MSA is the 8th largest metropolitan area in the U.S., with a population of approximately 6.25 million residents.

Description:

Equity CRE is pleased to exclusively offer for sale a single-tenant, multi-story, net-leased PNC Bank branch in the Germantown neighborhood of Philadelphia, PA. PNC Bank is operating in the first year of a 5-year extension, with one (1), 5-year extension option remaining. The building features a ground floor with second-floor space available in the back of the building as well as 9 private, off-street parking spaces in the rear. This is being offered on a fee simple basis and features an absolute NNN lease, with no landlord obligations – providing an investor with passive income.

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