PNC BANK - CHUCK KLEIN - LoopNet
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PNC BANK
UNIVERSITY HEIGHTS | OH
EXCLUSIVELY OFFERED BY: LOCAL BROKER:
C HU CK KLEIN SH AWN DA R L I N G
+1 858 546 5473 | CA Lic #01522766 +1 216 525 1497 | Lic# SAL.2017003575
chuck.klein@cushwake.com sdarling@crescorealestate.com
CO N FID E NTI ALI TY & DISCLAIMER
ACTUAL PROPERTY
The information contained in this marketing brochure (“Materials”) is proprietary accuracy or completeness of the Materials. Agent makes no representation or warranty
and confidential. It is intended to be reviewed only by the person or entity receiving regarding the Property, including but not limited to income, expenses, or financial
the Materials from Cushman & Wakefield (“Agent”). The Materials are intended to be performance (past present, or future); size, square footage, condition, or quality
used for the sole purpose of preliminary evaluation of the subject property/properties of the land and improvements; presence or absence of contaminating substances
(“Property”) for potential purchase. (PCB’s, asbestos, mold, etc.); compliance with laws and regulations (local, state, and
federal); or, financial condition or business prospects of any tenant (tenants’ intentions
The Materials have been prepared to provide unverified summary financial, property, and regarding continued occupancy, payment of rent, etc). A prospective purchaser must
market information to a prospective purchaser to enable it to establish a preliminary level independently investigate and verify all of the information set forth in the Materials. A
of interest in potential purchase of the Property. The Materials are not to be considered prospective purchaser is solely responsible for any and all costs and expenses incurred
fact. The information contained in the Materials is not a substitute for thorough in reviewing the Materials and/or investigating and evaluating the Property.
investigation of the financial, physical, and market conditions relating to the Property.
By receiving the Materials you are agreeing to the Confidentiality and Disclaimer set
The information contained in the Materials has been obtained by Agent from sources forth herein.
believed to be reliable; however, no representation or warranty is made regarding the
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 2
EX ECUTI VE SUMMARY P N C B A N K - U N IV E R SI T Y H EIG H T S , O H
T ENAN T: PNC Bank, National Association
CO RP O R ATE
GUA R A NTEE
2233 Warrensville Center Road STRONG DEPOSITS S&P CREDIT
LOC ATION: RATING: A
University Heights, OH 44118
$13 7 M
AS OF JUNE
APN: 721-01-064 30, 2021
BUIL DING SIZE: ~4,805 square feet EXCEPTIONAL
ABSOLUTE NET DEMOGRAPHICS
GROUND LEASE
L AND SIZE: ~0.65 acre NO LANDLORD
MAINTENANCE
128,000+
OBLIGATIONS POPULATION 3
MILE RADIUS
L E A SE E XPIR ATION: August 31, 2027
REMAINING L E A SE T ERM: Approximately 6 years RECENT INDICATIVE OF PNC’S
202 1 LE A S E COMMITMENT TO THIS
BRANCH LOCATION
L E A SE T Y PE: Absolute Net Ground Lease E X TEN S I O N
$ ASKING PRICE
$1,870,000 % CAP RATE
5.00% $ ANNUAL RENT
$93,500
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 3
I N V E ST MENT H I GHLIGHTS
» C
orporate Guarantee (NYSE: PNC) – Investment Grade
Credit Tenant (S&P: A). $16.9 billion in revenue for 2020
» A
bsolute Net Ground Lease – no landlord maintenance
obligations
» R
ecent 2021 lease extension – indicative of PNC’s
commitment to this branch location
» Strong deposit history at this branch location
UNIVERSITY SQUARE
SHOPPING MALL
$137 M
DEPOSIT HISTORY AS OF 6/30/21
» Subject property has been home to a bank since 1957
» L
ong-term history, strong deposit base, and recent
lease extension – indicate continued successful operation
at this location
» Exceptional demographics – over 128,000 population
and an approximate Average Household Income of nearly
$100,000 within a 3-mile radius
» Near High Traffic Main Intersection – nearly 40,000
vehicles per day (19,000 on Warrensville Center Rd and
20,000 on Cedar Rd)
WA
R RE
NS
VIL
LE
CE
NT
ER
RD
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 4
LOCATION HIGHL IGHTS
» Adjacent to University Square Shopping Center
anchored by Macy’s and Target – planned
redevelopment to include 180-200 apartment units,
reconfigured retail components and parking structure.
Click Here for more info
» 10 miles east of Downtown Cleveland
~18,960 UNIVERSITY SQUARE
CARS PER DAY
SHOPPING MALL
» ½
mile north of John Carroll University – ~3,675
students
RD
ER
» Less than 2 miles west of Legacy Village – Cleveland’s
NT
leading mixed-use lifestyle center with approximately
CE
600,000 square feet of retail and office space,
LE
welcoming over 10 million visitors annually
VIL
NS
RE
» Less than 2 miles west of Beachwood Place Shopping
R
Mall – anchored by Dillard’s, Nordstrom, Saks Fifth
WA
Avenue, Zara and H&M
» 1.5 miles east of Cleveland Heights High School – ~1,775
students
» 1.5 miles southwest of Notre Dame College – ~1,106
students
DRIV
E-T HR
» 2 miles south of MetroHealth Cleveland Heights
Medical Center – a comprehensive adult and pediatric
U
hospital currently undergoing a $42 million expansion
adding 100+ beds and 79,000 square feet to the
premises
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 5
AREA OVERVI EW
NOTRE DAME
COLLEGE
DOWNTOWN
CLEVELAND
LEGACY VILLAGE
~10 MILES
BEACHWOOD
PLACE SHOPPING
MALL
JOHN CARROLL
UNIVERSITY
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 6
B I R D ’ S EYE VI EW OF SIT E
SILSBY RD
DRI V E -T HRU
~18,960
CARS PER DAY
WARRENSVILLE CENTER RD
BUSH
NELL
RD
Parcel outlines for illustration purposes only.
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 7
WEST FACING
DOWNTOWN CLEVELAND
CLEVELAND HEIGHTS HIGH
SCHOOL | 1,775 STUDENTS
~18,960
CARS PER DAY
RD
ILLE CENTER
WARRENSV
BU
SH
SILSBY RD
NE
LL
RD
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 8
NORTH FACING
CEDAR RD
UNIVERSITY SQUARE
SHOPPING MALL
~20,350
CARS PER DAY
~18,960
CARS PER DAY
D R
ER
NT
CE
LE
DRIV
VIL
E-T HR
NS
RE
U
R
WA
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 9
NORTHEAST FACING
LEGACY
VILLAGE
NOTRE DAME COLLEGE
~1,106 STUDENTS
CLEVELAND HEIGHTS
CITY SCHOOL
R RD
CEDA
BEACHWOOD PLACE
PROPOSED
APARTMENTS
UNIVERSITY SQUARE
D SHOPPING MALL
AR R
CED
~20,350 PROPOSED
CARS PER DAY
APARTMENTS
WA
RRE
NS
VI
LL
EC
EN
TE
RR
D
~18,960
CARS PER DAY
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 10UNIV ER SI TY SQ UARE PLANNED REDEVELOPM ENT
PROJECT RENDERING: BIRDSEYE VIEW LOOKING SOUTHEAST
PLANNED REDEVELOPMENT OF UNIVERSITY SQUARE
NEW SPACE TOTALING APPROXIMATELY
615,000SF
PHASE I:
200 upscale new apartment units, live-work space, new retail aand
proposed dog park, bocce court, fitness facility and conference
center
PHASE II:
Proposed additional mixed use, including more retail/apartments, CLICK HERE TO LEARN MORE
entertainment venues and possibly senior housing
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 11TE N A NT P RO F I LE
The PNC Financial Services Group, Inc. operates as a diversified financial
services company in the United States and internationally. The company’s
Retail Banking segment provides deposit, lending, cash management
and investment services to more than 9 million consumer and small
business customers across 25 states and the District of Columbia with
more than 2,600 branches and 8,900 ATM machines. PNC’s Corporate
Website: www.pnc.com and Institutional Banking segment is one of the leading credit providers
PNC Bank, National Association | (NYSE: PNC) to middle market companies across the country and has been a top
five syndicator of middle market loan transactions for each of the last
five years. PNC is also an industry leader in many other target markets
S&P CREDIT RATING: A with a client list that includes more than two-thirds of the Fortune 500
TOTAL ASSETS (2021): $554 Billion companies as well as thousands of real estate, utilities, healthcare,
government, higher education and not-for-profit entities.
TOTAL DEPOSITS (2021): $453 Billion
TOTAL REVENUE (2020): $16.90 Billion As of December 31, 2020, PNC’s total revenue exceeded $16.9 billion,
with a net income of more than $7.55 billion. The bank also ended
NET INCOME (2020): $7.55 Billion December 2020 with total assets and shareholder’s equity exceeding
# OF LOCATIONS (AS OF 06/30/2021): 2,700 $466.67 billion and $54 billion, respectively. The PNC Financial Services
# OF EMPLOYEES (AS OF 12/31/2020): Group, Inc. was founded in 1922 and is headquartered in Pittsburgh,
51,257
Pennsylvania.
GIVING BACK | 2020 HAS PRESENCE IN
In 2020, PNC provided more than $94
million in philanthropic support, including
more than $68 million in grants from the
PNC Foundation, and more than $26
million in charitable sponsorships from
48
OF THE LARGEST
PNC Bank, N.A. US MARKETS
PNC GROW UP GREAT ONE OF THE
A $500 million, multiyear, bilingual school LARGEST BANKS
readiness initiative that began in 2004, PNC
Grow Up Great has benefited more than 7
IN THE U.S. BASED
million children — particularly underserved ON DEPOSITS AND
children — from birth to age 5. BRANCHES
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 12D EMO G RAP H I C S 202 1
128K+
POPULATION
3 MILE RADIUS
AVERAGE HH
$99K+
INCOME
3 MILE RADIUS
1 MILE
POPULATION
1 MILE 3 MILE 5 MILE 3 MILE
22,073 128,148 315,739
5 MILE
AVERAGE HH INCOME
1 MILE 3 MILE 5 MILE
$94,586 $99,387 $73,201 N
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 13M A R KET OVERVIEW
UN IV ERS ITY HE IG HTS, OH I O
University Heights is an historic inner ring suburb in the heart of the east University Heights offers the best attributes of urban living in a suburban
side of Greater Cleveland in Cuyahoga County. The city’s population was setting. Its streets are quiet, its neighborhoods are walkable and bikeable,
13,914 as of the 2020 Census. University Heights is located ten minutes and its neighbors are friendly. City amenities include an outdoor pool,
east of University Circle, the scientific, medical, and cultural center of tennis courts, a public park with modern playgrounds and a multipurpose
Northeastern Ohio. It is also ten minutes west of the I-271 corridor, perimeter path. The city holds summer events including the oldest
lined with corporate headquarters, office parks, retail, restaurants, and and largest Memorial Day parade on the east side of Cleveland, a
other attractions. Finally, University Heights is twenty minutes from summer concert series, yoga in the park, among others. The city is
the jobs, sports, and entertainment of Downtown Cleveland. With also neighbors to Legacy Village, which is Cleveland’s leading outdoor
about half the population under the age of 30, University Heights is shopping center, home to Apple, Crate & Barrel, Nordstrom and many
home to one of the youngest communities in the region, including others. The city offers a strong community of consumers and nationally
both students and families. recognized retail outlets, creating a strong economic environment.
The city’s namesake, John Carroll University, it one of twenty-eight University Heights shares an independent library system with the city
Jesuit universities in the United States. JCU is a leader in undergraduate of Cleveland Heights, with a fully renovated and reimagined modern
and graduate education, the city’s largest employer, and an asset to library in the city. The city also shares a public-school district with
the region. Cleveland Heights, with the board office and two public elementary
schools situated within or along city borders. The new high school retains
Every home in University Heights has a similar look, yet each is unique. the best features of early twentieth century classical architecture while
Beginning in the west, homes are primarily pre-war colonials and neo- containing the contemporary features of the newest leading public
colonials featuring brick and sandstone, extending to the east with schools, certain to nurture budding artists, scientists, and athletes.
several streets of post-war midcentury modern homes. The city’s University Heights’ private schools offer the best in private and parochial
manageable yards lend themselves to creative gardening. As one of education. Leaders in all fields are graduates of its public and private
the three longest running Tree City USA cities in Cuyahoga County, the schools.
tree lined streets and urban canopy have been recognized as leading
the region for the past forty years. www.universityheights.com/ www.hrcc.org/
case.edu/ech/articles/u/university-heights en.wikipedia.org/wiki/University_Heights,_Ohio
PNC B AN K | UN I VER SIT Y HEIG HT S , O H 14UNIVERSITY HEIGHTS | OHIO
OFFERING MEMORANDUM
NET LEASE INVESTMENTS
EXCLUSIVELY OFFERED BY: LOCAL BROKER:
C HU CK KLEIN SH AWN DA R L I N G
+1 858 546 5473 | CA Lic #01522766 +1 216 525 1497 | Lic# SAL.2017003575 12830 El Camino Real Ste. 100
chuck.klein@cushwake.com sdarling@crescorealestate.com San Diego, CA 92130 | cushmanwakefield.comYou can also read
