CBRE Arranges Sale Of Citizens Bank In Horsham For $7.5 Million

Citizens Bank branch, 822 Welsh Road, Horsham, PACitizens Bank branch, 822 Welsh Road, Horsham, PA

HORSHAM, PA—(SBN)—CBRE arranged the $7.5 million sale of a 3,500 square-foot Citizens Bank branch located at 822 Welsh Road in Horsham, PA.

CBRE’s Marc Mandel, Matthew Gorman and Michael Shover represented the seller during the transaction.

“The supply is limited of long-term net leased premium properties in a regional trade area within a major Northeast market,” said Marc Mandel, First Vice President, CBRE. “The fact that this property was leased to an investment grade national bank with a tremendous deposit history ultimately helped the seller achieve a strong purchase price and aggressive CAP rate.”

Built in 2011, the property is situated in a strong demographic area, where average household incomes exceed $150,000 and includes more than 6,800 people within a one-mile radius.

Citizens Bank currently has fifteen years remaining on its long-term ground lease.

Matthew Gorman, Michael Shover, Marc Mandel and Steve Schrenk make are part of CBRE’s net-lease team, which specializes in the marketing and sale of single and multi-tenant net-lease investment real estate. Collectively, the team has sold well in excess of $1 billion in net lease properties nationwide.

 

About the Author

Steve Lubetkin
Steve Lubetkin is the news director for StateBroadcastNews.com. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. Since 2015 he has been the New Jersey and Philadelphia editor for GlobeSt.com. His video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at steve@statebroadcastnews.com.