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CORPORATE

GROUND LEASE

Subject Property Photo 216 N. Coast Hwy 101, Encinitas, CA 92024

10 ANCHOR DRIVE | PITTSBURGH, PENNSYLVANIA

PAUL BONANNO (760) 452-2402

PAUL@

ERIK SJOLUND (310) 663-8164

ERIK@

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Subject Property Drive-Thru

PRICE: $ 2,575,000

NOI: $ 151,250 / Year

Cap Rate: 5.87%

OFFERING OVERVIEW

Net Lease Realty Partners is excited to present the rare opportunity to acquire the fee simple interest in a corporate ground leased PNC Bank site, built in 2007. The subject property is well situated as an outparcel to a Target anchored Shopping Center in the affluent Harmar Heights suburb, approximately 12-miles Northeast of Downtown Pittsburgh, Pennsylvania. This specific PNC branch boasts strong annual deposits, which were $136,419,000 in 2018 per the FDIC. The property is on a ground lease through April 30th, 2028 to PNC Financial Services Inc. at which point the tenant, has five additional (5) year option periods to extend the lease. The lease obligates the landlord to zero responsibilities of the improvement, making a perfect investment for a passive real estate investor. Rental increases of 10% are applied every five years, offering an investor a strong hedge against inflation.

INVESTMENT HIGHLIGHTS

PNC Corporate Ground Lease ? The subject property is on a ground lease to the PNC Bank corporation, which offers zero landlord responsibilities. Very Strong Branch Deposits ? Per information obtained from the FDIC, this location boasted stronger then average national deposits of $136,419,000 in 2018 at the subject branch. Approximately 2-miles from Oakmont Country Club- Since it's construction in 1903, Oakmont County has been home to the PGA's U.S. Open Championship 9 times, most recently in 2016 when Dustin Johnson won the tournament with an overall score of 276 (-4 under Par). Out-Parcel to Busy Target Anchored Shopping Center ? The site well located outparceled to a Target Shopping Center. The property is located in a busy retail corridor, other near by retailers include Giant Eagle Express, Target, Wendy's, Denny's, Dunkin Donuts, McDonald's, Bob Evans, Marathon Gas, KFC, Burger King, Days Inn, Hampton Inn and more.

SITE ADDRESS:

PRICE: CAP RATE: NET INCOME (NOI):

10 Anchor Drive Pittsburgh, Pennsylvania

$ 2,575,000

5.87% $ 151,250 / YEAR

Gross Leasable Area (GLA): Lot Size: Year Built: Ownership Type:

2,958 SQFT 0.816 ACRES 2008 Fee Simple

Tenant Trade Name: Signing Entity Name:

PNC Bank PNC Financial Services Group, Inc.

Lease Type: Original Lease Term: Rent Commencement: Lease Expiration: Remaining Lease Term:

Absolute Ground Lease 20 Years May 1, 2008 April 30, 2028 +/- 9 Years

Rental Increases: Tenant Options: Right of First Refusal:

10% Every 5 Years (5) X 5 Year Options Yes

*File Photo

ORIGINAL LEASE:

COE ? April 30, 2023 May 1, 2023 - April 30, 2028

$ 151,250 $ 166,375

OPTIONS:

OPTION 1 $ 183,012

OPTION 2 $ 201,314

OPTION 3 $ 221,445

OPTION 4 $ 243,589

OPTION 5 $ 267,948

CORPORATE OFFICE

LOCAL DEMOGRAPHICS:

Population:

1-Mile |

3-Mile

|

5-Mile

1,447 29,385 84,422

AHHI: $107,272 $95,973 $88,060

Freeport Rd: Route 910:

Penn Turnpike:

20,600+ ADT 17,825+ ADT 40,150+ ADT

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