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.
“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.