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 offer on a fee simple basis and features an absolute NNN lease, with no landlord obligations – providing an investor with passive income.

The lease is backed by a corporate guarantee from PNC Bank, one of the largest and most stable financial institutions in the world, offering investors a top guarantee available on the market. Headquartered in Pittsburgh, PA, the bank operates over 2,200 branches & 60,000 ATMs nationwide and has nearly $560 billion in assets.

Located about 8 miles northwest of center city Philadelphia, Germantown is a historic and culturally rich neighborhood. Founded in 1683, it played a key role in early American history, including as the site of the Battle of Germantown during the Revolutionary War. Germantown Ave is one of the primary corridors not only through the neighborhood, but through the city and suburbs, ranging from the suburban town of Collegeville, PA through Plymouth Meeting and ending in the Northern Liberties neighborhood of Philadelphia along the Delaware River. Germantown backs up to the Olney neighborhood of Philadelphia, which is home to LaSalle University – a private Catholic university with an enrollment of over 4,000 students. Germantown has several Septa bus routes running along Germantown Ave as well as Septa’s Germantown Regional Rail Station.

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