Net Lease PNC For Sale

The Boulder Group is pleased to exclusively market for sale a single tenant net lease PNC Bank ground lease located within the Grand Rapids MSA. The property is strategically positioned at a signalized intersection within a regional retail destination. There are over 22 years remaining on the PNC Bank ground lease which expires February 28, 2039. The ground lease features 10% rental escalations every ten years throughout the primary term and in each of the five 10-year renewal option periods. PNC Bank is publicly traded on the New York Stock Exchange (PNC) with a market capitalization in excess of $45 billion. PNC Bank is an investment grade rated tenant with a Standard & Poor’s rating of A-.

The 42,055 square foot net lease PNC Bank property is strategically positioned at a signalized intersection along Kalamazoo Avenue. Kalamazoo Avenue is a primary north-south thoroughfare in the trade area. The property is benefitted by its immediate proximity to Michigan Highway 6 (the Paul B. Henry Freeway) which experiences traffic volumes of approximately 55,000 vehicles per day. The PNC Bank is centrally located within a vibrant retail corridor which features Target, Meijer, Walgreens, Rite Aid, Staples and Family Fare Supermarket.

There are over 22 years remaining on the original 30 year PNC Bank ground lease. The ground lease expires on February 28, 2039 and features 10% rental escalations in the primary term and in each renewal option period. There are absolutely no landlord responsibilities. PNC is the fifth largest bank in the United States (total branches) with more than 2,700 branches and 7,400 ATM machines. PNC Bank is an investment grade rated tenant (S&P: A-) and is publicly traded (NYSE: PNC) with a market capitalization in excess of $45 billion.