Single Tenant Citizens Bank with Dual Lane Drive-Thru
Haddon Heights, NJ
The Opportunity
Summary
- Price: $1,841,000
- Cap Rate: 6.25%
- NOI: $115,069
- Lease Type: Fee Simple: NNN
- Building Size: 4,810 SF
- Parcel Size: 0.52 Acres
- Year Built / Renovated: 1960 / 2012 (Roof)
- Lease Term Remaining: 5.5 Years
- Options: Three (3), Five (5) Year Options
- Rental Increases: 1% Annually
Forged Real Estate is pleased to exclusively offer the opportunity to acquire the fee simple interest in a single tenant property leased to Citizens Bank, (the “Property”) in Haddon Heights, New Jersey, a borough in Camden County. Citizens Bank operates on a triple-net (NNN) Lease with one percent annual rental increases. The triple-net (NNN) lease structure allows for a hands-free, passive form of ownership. Citizens Bank had $211 million in deposits as of 6/30/2024 and has averaged over $208 million in deposits over the last 6 years, demonstrating the strength of this location. Citizens Bank has an established identity within the area, as they have an operating history at this location for over 22 years. The property boasts a dual lane drive-thru for customer convenience.
Citizens Bank sits at the corner of the signalized intersection between White Horse Pike and Station Avenue, two thoroughfares combining for over 34,000 VPD. Citizens Bank sits just over ½ mile from Exit 29A off Interstate 295, a major auxiliary Interstate Highway that runs through Delaware, New Jersey, and Pennsylvania and boasts 142,200 VPD. Haddon Heights is a borough within Camden County, New Jersey just 5 miles southeast of Philadelphia and part of the Philadelphia MSA. The Philadelphia MSA is the 8th most populated metro area in the United States, home to over 6,241,000 residents as well as some of the nation’s top universities and numerous Fortune 500 companies. The 3-mile area surrounding the property boasts excellent demographics with nearly 125,000 residents and 52,000 households. Within that same area, the average household income sits at $132,000.
Citizens Bank, N.A. is an investment grade credit tenant with an S&P rating of A- and over 1,000 bank branches in 16 states. As of September 30, 2024, Citizens has $175.2 billion in deposits. Citizens Financial Group, Inc., the parent company of Citizens Bank, N.A., is one of the nation’s oldest and largest financial institutions, with $219.7 billion in assets as of September 30, 2023.
Investment Highlights:
Tenant
Ownership: PUBLIC (NYSE: CFG)
Credit Rating: A - (S&P)
Headquarters: PROVIDENCE, RI
# of Locations: 1,000+
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $219.7 billion in assets as of September 30, 2023. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions.
In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and over 1,000 branches in 16 states, primarily in the New England, Mid-Atlantic and Midwest regions. As of September 30, 2024, Citizens has $175.2 billion in deposits. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.
