Wednesday, December 3, 2014

PNC Bank Branch in West Chester Sold for $4.1M

A private investor acquired the newly-constructed retail bank branch at 1599 W. Chester Pike in West Cheter, PA from Pintzuk Brown Realty and Pineville Station West Chester, Inc. for $4.06 million, or about $1,000 per square foot.

The single-story, 4,020-square-foot retail property was built in 2014 on 1.6 acres in the West Chester submarket of Chester County. The asset is fully occupied by PNC Bank, holding a 20-year, triple-net ground lease on the property. PNC invested heavily in this location, a relo for an existing branch with $95 million in deposits. It is LEED certified and features a triple drive-thru in affluent West Goshen Township.

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