PNC Bank Ground Lease Sale Arranged Date December 20, 2019
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased PNC Bank ground lease located at 12650 Apollo Drive in Woodbridge, Virginia for $7,350,000.
The PNC Bank property is located off the corner of Prince William Pkwy (46,000 VPD) and Hoadly Road (23,000 VPD). Prince William Pkwy serves as a primary east-west thoroughfare for the area and leads to Interstate 95 and Potomac Mills. Potomac Mills is Virginia’s largest outlet mall with over 225 stores (1,606,000 SF). The PNC Bank property is directly across from a Harris Teeter anchored shopping center. Additional retailers in the trade corridor include Starbucks, Capital One, 7-Eleven, Wells Fargo, Safeway, CVS and Food Lion. There are 76,857 people living within 3 miles of the property and have an average household income of $133,624.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller and the buyer in the transaction. The Seller was a partnership and the buyer was an east coast based private individual investor based.
There are over 8 years remaining in the primary term of the PNC Bank lease which expires January 31, 2028 and there is a 15% rental escalation on February 1, 2023. PNC Bank has over 2,459 branches and 9,051 ATM machines and is publicly traded on the New York Stock Exchange (PNC). PNC is an investment grade rated company with a Standard & Poor’s rating of A.
“Bank properties in major metros with rental escalations continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net Lease investors continue to be attracted to ground leased properties with no landlord responsibilities.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $5 billion of single tenant net lease real estate transactions. From 2012-2018, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.comBack