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Property Overview

Price/Rent PSF $ 6,643,850.00
Asset Type Retail
Trade Type Sale
SQ. FT. Available 3,640
Date Available 01/11/2021
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Description

Location
Wayne is an unincorporated community centered in Delaware County, Pennsylvania, on the Main Line, a series of highly affluent Philadelphia suburbs located along the railroad tracks of the Pennsylvania Railroad and one of the wealthiest areas in the nation. While the center of Wayne is in Radnor Township, Wayne extends into both Tredyffrin Township in Chester County and Upper Merion Township in Montgomery County.



The center of the Wayne business district is the intersection of Lancaster Avenue and Wayne Avenue, its main street. The historic Wayne station is located one block north of this intersection. The Wayne business district also includes a post office, a cinema, a hotel, a library, the new Radnor Middle School, and several banks, stores, restaurants, cafes, bars and other commercial establishments. Other institutions and attractions in Wayne include the Wayne Hotel, Chanticleer Garden, and the Valley Forge Military Academy and College.

Sale
Fortis Net Lease is pleased to present this free-standing Bank of America located in Wayne, PA. The tenant has been successfully operating a this location since 2006 and there are just under 6 years remaining on the NNN Lease. The next rent increase is in 2022 based on 10%, or the percentage increase in the Consumer Price Index during the five-year period immediately preceding. There are four, 5-year option periods to renew. The lease is corporate guaranteed by Bank of America, an investment grade credit tenant that is rated "A-" by Standard & Poor's.



This property is strategically positioned on Lancaster Ave., and is highly visible to over 23,000 vehicles per day. The 5 mile population is greater than 161,000 residents. The average household income within 1 mile is $162,000 and the median home value within 1 mile is greater than $730,000.

Location

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