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Brokerage
Posted: January 26, 2015
Greenberg of ERG Property Advisors completes $3.3 million sale of PNC Bank in Alpharetta, Georgia
ERG Property Advisors arranged the sale of a triple-net (NNN) leased PNC Bank located at 11758 Jones Bridge Rd.
PNC Bank has a 15-year NNN lease with eight years remaining in the base term. The property sits on 1.37 acres located on the heavily traveled Jones Bridge Rd., just 30 miles outside of Atlanta. Other major retailers in the immediate area include Burger King, CVS, Dollar Tree, Publix, Bonefish Grill and Butler Tire & Wheels.
PNC Bank is the 7th largest bank in the United States in total assets, the 5th largest in deposits and in total branches. PNC Bank currently maintains an S&P "A" credit rating. Overall, the property offers a long-term, stable cash flow guaranteed by an investment grade credit tenant with zero landlord responsibility.
The property sold for $3.3 million. Andrew Greenberg exclusively represented the property.
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