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.