PNC Bank

Description

• ABSOLUTE NNN LEASE WITH ZERO LANDLORD RESPONSIBILITES

  Tenant is responsible for all maintenance & repairs, roof, structure, insurance and property taxes.

• 2.5% ANNUAL RENT INCREASES

  Scheduled 2.5% annual rent increases provide a hedge against inflation while supporting steady income growth over the lease term.

• CORPORATE LEASE WITH Investment-Grade Tenant

  Corporate-backed lease with PNC Bank, an Investment-Grade rated company with a Standard & Poor’s Credit Rating of “A-”

• ESTABLISHED LOCATION

  This site has operated as a PNC Bank for more than 35 years, demonstrating its long-standing and successful track record at this location.

• STRONG BRANCH DEPOSITS AND LONG-TERM TENANT COMMITMENT

  Sustained strong branch deposits and multiple lease renewals highlight the property’s importance within PNC’s network and support long-term stability. Also, PNC installed a new roof in 2023 at its own cost.

• AFFLUENT AND DENSE TRADE AREA

  The property is located in a dense, high-income trade area with over 173,000 residents within a five-mile radius and average household incomes exceeding $115,000. Projected annual population growth of more than 2.5% further supports increasing purchasing power and long-term demand.

• STRATEGIC LOCATION

  Property is surrounded by residential communities, located just 1 mile from Rutgers University (±68,942 students) and is close to US Hwy 1 (±111,760 ADT) and Interstate-95 (±176,455 ADT) as well as dominant retail corridor with Walmart Supercenter, Marshalls & HomeGoods, PetSmart, Trader Joe’s, Wells Fargo, AutoZone, McDonald’s, LA Fitness, Dunkin’ and many more.

• PROXIMITY TO MAJOR EMPLOYMENT CENTERS SUPPORTS DEMAND

  The area benefits from its strategic location near major employment hubs in New Brunswick and Princeton, which continue to drive population growth, workforce activity, and regional economic expansion.

• MAJOR RESIDENTIAL DEVELOPMENT APPROVED NEAR PROPERTY

  North Brunswick Township has approved a 280-unit luxury apartment development located on Livingston Avenue, within approximately two miles of the Georges Road commercial district. The $85 million project is expected to break ground in Q2 2024 with completion anticipated in late 2025.

• ROUTE 1 CORRIDOR GROWTH AND NEW MIXED-USE DEVELOPMENT

  A $45 million mixed-use development has been announced along the Route 1 commercial corridor in North Brunswick, approximately 1.2 miles from the Georges Road intersection. The planned 180,000 square foot project will combine retail, office, and residential components, further strengthening the surrounding commercial ecosystem.

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