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.
Steve Lubetkin is the news director for StateBroadcastNews.com. Steve’s journalism background includes print and broadcast reporting for NJ news organizations.
In May 2019, he began anchoring and reporting for the new weekly podcast, “The CRE News Hour,” a news and features program focusing on the commercial real estate industry.
From 2014 to 2019 he was New Jersey and Philadelphia editor for GlobeSt.com and filled in covering Chicago/Midwest and Atlanta.
He has won numerous awards for his audio and video news reporting from 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.
In March 2021, he was elected to the board of directors of the New Jersey Chapter of the Society of Professional Journalists.
Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996.
You can email Steve at firstname.lastname@example.org.