447 Springfield Avenue, Berkeley Heights, NJ, USA

Berkeley Heights, Union County

ABSOLUTE NNN LEASED CITIZENS BANK
WITH 9 YEARS REMAINING & (2) FIVE YEAR OPTIONS

Google Map

Total Acreage

1.13

Asking Price

$2,500,000

Frontage

80'+ of frontage along Springfield Avenue

Currently

Citizens Bank

Building SF

1,818 SF (approx.)

Block / Lot

212 / 5

Stories

Zoning

DD (Downtown Development)

Single Tenant NNN Lease
Citizens Bank (formerly Investors Bank) pays $126,500 per annum. Tenant is responsible for real estate taxes, insurance, and all repairs & maintenance including roof & structural repairs.

The base lease term expires May 2034 with a 10% Increase in May 2029 and with (2) five-year option at a 10% increase.
Credit Tenancy
Citizens Bank, NA is an investment grade tenant with an “A-” rating by S&P Global Ratings, and has over 1,000 locations.

The parent company, Citizens Financial Group (CFG) is a publicly-traded company with over $219.9 billion total assets.

This location incurs strong deposit activity with ~$80,000,000 annually.
Desirable Retail Location
Situated diagonal from The Berkeley Heights Shopping Center featuring Dunkin’, Stop & Shop, amongst other recognized retailers.
Exposure | Frontage | Traffic
80’+ of frontage along Springfield Avenue

Three individual drive through service bays
Favorable Placer .AI Data
5,600 customers make a combined 17,800 visits to this Citizens Bank per year
Strong Local Demographics: Berkeley Heights
Total Households 4.66K

Median Household Income $198K

Daytime Total Population 13.65K