Listing Contacts
Kenneth Yanni
License: PA RS323884
David Laiter
License: PA RS335869
Bart Delfiner
License: PA RS223488L
Brianna Barratt
License: PA RS348200
Asking Price
1051-1071 Baltimore Pike
Glen Mills, PA
Property Details
Asking Price
Property Type
Sub Type
Lease Type
Absolute NNN
Tenant Credit
Corporate Guarantee, Credit Rated
Lease Term
20 years
Lease Commencement
Lease Expiration
Remaining Term
10.8 years
Square Footage
Price/Sq Ft
Cap Rate
Year Built
Permitted Zoning
Lot Size (acres)
Parking (spaces)
Ground Lease
Property Description
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!

Property Highlights
  • Tenant: Citizens Bank
  • Subsidiary of Publicly Traded Citizens Financial Group (NYSE – CFG)
  • Guaranty: Corporate
  • Successful Branch - $80+ Million in 2018 deposits!
  • Extremely successful amongst all immediate bank branches
  • o 4th Highest Deposits within a 3-mile radius (17 branches)
  • o 6th Highest Deposits within a 5-mile radius (23 branches)
  • 9+ Year Operating History
  • 15% Increase Every 5 years
  • Absolute NNN Ground Lease – No landlord Responsibilities
  • Traffic Count: Route 1: 48,139 ADT (PA DOT 2017) | Route 202: 45,421 ADT (PA DOT 2017)