Citizens Bank PAWTUCKET, RHODE ISLAND. Asking Price: $1,235,950 Cap Rate: 5.00% Michael O Mara

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1 PAWTUCKET, RHODE ISLAND Citizens Bank Asking Price: $1,235,950 Cap Rate: 5.00% Michael O Mara momara@atlanticretail.com BOSTON, MA CHAPEL HILL, NC CHARLOTTE, NC JUPITER, FL LOS ANGELES, CA PITTSBURGH, PA ATLANTICRETAIL.COM

2 CLOSE PROXIMITY TO MAJOR INTERSTATE The Property is located near the signalized intersection of Newport Avenue and Armistice Boulevard near the Boulevard Plaza Shopping Center. Nearby national retailers include Dollar General, EbLens, AutoZone and Dunkin Donuts. The Property s close proximity to Interstate 95 links the city of Pawtucket to major metropolitan centers like Providence. QUALITY INVESTMENT The tenant recently exercised its first option to extend for a period of 10 years starting in March The tenant has the right to extend the lease for up to five successive terms of 10 years each. There are no landlord responsibilities in this Ground lease. 246,376 EST POPULATION IN 5-MILE RADIUS $5.90 B AVG HH SPENDING IN 5-MILE RADIUS $77,860 AVG HH INCOME IN 5-MILE RADIUS 92,000 VPD ON NEARBY INTERSTATE 95 ATLANTICRETAIL.COM 1

3 Citizens Bank Headquartered in Providence, Rhode Island, Citizens Bank formally known as Citizens Financial Group, Inc. is one of the country s oldest and largest financial institutions, with nearly $152 billion in assets as of June Citizens Bank offers a broad range of retail and commercial banking products to individuals, small businesses, large corporations and institutions. Citizens Bank offers its Consumer Banking customers an integrated experience that includes mobile and online banking, 24/7 customer support and the convenience of 3,200 ATMs and 1,200 branch locations in 11 states. Commercial Banking clients are offered a full range of wholesale banking products and services, including lending and deposits, capital markets, foreign exchange and interest rate products, asset finance and treasury services. ATLANTICRETAIL.COM 2

4 Lease Summary Rent Schedule YEARS DATES ANNUAL RENT 1 40 (Base Term) 2/28/1978 2/28/2018 $45, ($10.07/SF) (Option 1) 3/1/2018 2/29/2028 $61, ($13.60/SF) ADDRESS TENANT GUARANTOR BUILDING SIZE LAND SIZE 800 Newport Avenue Pawtucket, RI Old Stone Bank DBA Citizens Bank Corporate +/- 4,545 SF +/ acres ORIGINAL TERM February 28, 1978 February 28, 2018 NEW EXTENSION March 1, 2018 February 29, 2028 LEASE TERM ANNUAL RENT (2018) OPTIONS LEASE TYPE LANDLORD 10 Years/First Renewal Option Exercised $61, ($13.60/SF) 4 x 10-Year Options Remain (First Option Exercised) Ground No Responsibilities Right of First Refusal: The tenant is granted the exclusive option to purchase the Property. The tenant will have 30 days to determind whether or not to purchase the Property at the price listed in the notice. Annual rent for any renewal term shall be as agreed upon by the parties for each successive 5-year period, provided that rent for any 5-year period is not less than that for the previous 5-year period, nor shall it exceed the rental amount for the previous 5-year period by more than 25%. ATLANTICRETAIL.COM 3

5 LYMAN B. GOFF MIDDLE SCHOOL POTTER BURNS ELEMENTARY SCHOOL TRUEX DUPUIS ENERGY NEPTCO ECOLOGICAL FIBERS VPI DARLINGTON EARLY CHILDHOOD CENTER ATLANTICRETAIL.COM 4

6 AREA ATTRACTIONS 4 2 INTERSTATE 95 92,000 VPD 1 1. Hasbro, Inc. 0.4 miles 2. McCoy Stadium 1.5 miles 3. Memorial Hospital of RI 1.8 miles 4. Pawtucket, RI 1.8 miles 5. Brown University 5.9 miles 6. Providence, RI 6.8 miles 3 7 MASSACHUSETTS INTERSTATE ,000 VPD 6 5 ATLANTICRETAIL.COM 5

7 DIVERSE ECONOMIC OPPORTUNITIES Founded in 1671 at the strategic falls of the Blackstone River and the upper tidewaters of Narragansett Bay, the city of Pawtucket holds a special place in the industrial history of the U.S. Pawtucket now has 300 diversified industries jewelry, silverware, metals and textiles being the largest and over 1,000 commercial and service establishments. The city is the fourth most populous in Rhode Island and is conveniently linked to major area metropolitan centers via Interstate 95. ATLANTICRETAIL.COM 6

8 HOME OF THE WORLD HEADQUARTERS OF HASBRO The city of Pawtucket, Rhode Island is home to the worldwide headquarters of Hasbro, Inc., the third largest toy maker in the world with revenues of approximately $5.01 billion. Among its most famous products are Monopoly, G.I. Joe, Furby, Transformers, My Little Pony and Nerf. Hasbro is an S&P 500 component and is publicly traded on the NADSAQ stock exchange under the ticker symbol HAS. Hasbro employs approximately 5,500 people and is a major contributor to the Pawtucket economy. ATLANTICRETAIL.COM 7

9 CENTER OF HIGHER EDUCATION Providence is home to the main campuses of five of Rhode Island s college and universities, including Brown University and Providence College. Between the schools with campuses located in the city proper, the number of post-secondary students is approximately 44,000. Higher education exerts a considerable presence in the city s politics and economy, compounded by the fact taht Brown University is one of the city s top employers. ATLANTICRETAIL.COM 8

10 CLOSE PROXIMITY TO PROVIDENCE Pawtucket is approximately seven miles from the center of Providence, the capital of Rhode Island. One of the oldest cities in the United States, Providence was also one of the first cities in the country to industrialize, quickly becoming known for its textile, tool, jewelry and silverware manufacturing. The city now focuses on service industries including institutions of higher learning and health care. ATLANTICRETAIL.COM 9

11 2017 Demographics 2017 DEMOGRAPHICS 1 MILE 3 MILES 5 MILES Estimated Population 20, , , Projected Population 20, , , Census Population 20, , , Census Population 20, , ,877 POPULATION INCOME Projected Annual Growth ( ) 0.3% 0.5% 0.4% Historical Annual Growth ( ) -0.1% -0.1% -0.1% Estimated Households 8,650 47, , Projected Households 8,763 48, , Census Households 8,580 46,032 97, Census Households 8,786 46,817 97,627 Projected Annual Growth ( ) 0.3% 0.5% 0.4% Historical Annual Growth ( ) -0.1% N/A 0.2% Est. HH Income $200, % 4.0% 5.9% Est. HH Income $150,000-$199, % 4.4% 5.6% Est. HH Income $100,000 $149, % 12.6% 13.7% Est. HH Income $75,000-$99, % 11.9% 11.6% Est. HH Income $50,000 $74, % 16.9% 15.9% Est. HH Income $35,000 $49, % 13.8% 13.5% Est. HH Income $25,000 $34, % 10.4% 9.6% Est. HH Income $15,000 $24, % 11.6% 10.3% Est. HH Income Under $15, % 14.5% 13.8% Est. Average Household Income $71,375 $70,380 $77,860 Est. Median Household Income $58,219 $55,502 $60,441 ATLANTICRETAIL.COM 10

12 Confidentiality & Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Atlantic Retail Investment Services and should not be made available to any other person or entity without the written consent of Atlantic Retail Investment Services. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Atlantic Retail Investment Services has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Atlantic Retail Investment Services has not verified, and will not verify, any of the information contained herein, nor has Atlantic Retail Investment Services conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. ATLANTICRETAIL.COM 11

13 PAWTUCKET, RHODE ISLAND Citizens Bank Asking Price: $1,235,950 Cap Rate: 5.00% Michael O Mara momara@atlanticretail.com BOSTON, MA CHAPEL HILL, NC CHARLOTTE, NC JUPITER, FL LOS ANGELES, CA PITTSBURGH, PA ATLANTICRETAIL.COM