Equity Retail Brokers is pleased to offer qualified investors the opportunity to acquire
the sale of a Citizens Bank branch in Glen Mills, PA with over $80 Million in deposits in 2018 (Source: FDIC). Glen Mills is located in Southwestern Delaware County, PA, one of the five counties immediately surrounding the City of Philadelphia. This asset sits on a little over 1 acre, directly adjacent to Chick-Fil-A, Texas Roadhouse, and a Hampton Inn & Suites. The surrounding area is known to be one of the hottest retail real estate markets in Pennsylvania.
Citizens Bank is nearing the end of their 9th year of their initial 20-year lease at this
site, leaving over 10 years remaining on their absolute NNN ground lease. This lease type allows for very favorable landlord conditions, having no responsibilities for operating or maintaining, or capital expenses related to the property. The remainder of this lease includes 15% rental increases every 5 years, with the next increase on November 1, 2020. These increases continue through each of the two (2) additional 5- year options remaining. The lease is backed by a corporate guarantee from Citizens Financial Group, a publicly traded company headquartered in Providence, RI (NYSE: CFG).
The subject property sits about ¼ mile from the intersection of Route 1 & 202 (Baltimore
Pike & Wilmington West Chester Pike) – one of, if not the, busiest intersections in all of Pennsylvania with over 93,000 ADT! With over 48,000 ADT on Route 1, and over 45,000 ADT on Route 202, this corridor makes for one of the heaviest trafficked markets in PA. With Chick-Fil-A and Texas Roadhouse immediately adjacent, this branch gets a number of visitors during the lunch and dinner rush hours. On top of those restaurants, the property is surrounded by other major retailers such as Wegmans, Whole Foods, Costco, Wells Fargo (multiple branches), Acme, Target, Anthropologie, and many more, making for a very dense retail corridor. Just across the street and behind the Concordville Town Center, sits Maris Grove – an Erickson Living senior living community. Since opening in 2006, Maris Grove has expanded to 1,277 independent living apartments, and over 1,600 active residents on 87 acres!