602 Main St
Toledo, OH 43605
Citizens Bank | Corp Abs NNN w/ Annual Bumps · Retail Property For Sale

SRS National Net Lease Group is pleased to present the opportunity to acquire Citizens Bank, an absolute NNN leased, investment property located in Westlake, Ohio (Greater Cleveland MSA). The tenant, RBS Citizens, N.A. recently extended their lease to a new 5-year term, and has 4.5 years remaining. RBS Citizens, N.A. is a subsidiary of Citizens Financial Group, Inc. (NYSE: CFG | S&P: BBB+). The lease features rare 2.5% annual increases starting in October 2017, which generates NOI growth and hedges against inflation. This Citizens Bank location has strong deposits of $30.62 million. The Citizens Bank is located along Main Street (10,800 vehicles per day) with excellent visibility. The subject property is adjacent to several residential communities and retailers. Nearby national tenants include Rite Aid, Wendy' s, Subway, USPS, and more, increasing consumer draw to the trade area. The 5-mile trade area is supported by a dense population of 179,000 with an average household income of $44,000. Additionally, nearly 109,000 employees support the trade area.