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First Bank

$ 1,393,443
Pennington, New Jersey
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Newly Listed

Address: 3 Tree Farm Road, Pennington, New Jersey, United States 08534

Type: Bank

Cap Rate: 6.10%

Lease Type: Double-Net (NN)

Annual Rent: $85,000

Net Operating Income: $85,000

Lease Term Remaining: 9.50 Years

Rental Increases: 11.7% in Option Period 1/ 5.26% in Option Period 2

Options: Two (2), Five (5)-Year Options

Rentable Sq/Ft: 3,600 SF

Rent Sq/Ft: $23.61

Price Sq/Ft: $387

Lot Size: +/- 1.34 Acres

Marcus & Millichap is pleased to exclusively market for sale the subject single-tenant First Bank located at 3 Tree Farm Road in Pennington, New Jersey. The property made up of a 3,600 square feet building and is situated on approximately 1.34 acres of land. The investment opportunity is subject to a double-net (NN) lease which has approximately 9.50 years of term remaining. The current rent is $85,000 and is subject to 5.26% – 11.7% rental increases in the two, five-year option periods. The lease is guaranteed by First Bank (NASDAQ: FBRA).
As of June 30, 2019, First Bank had sixteen branches, $1.83 billion in assets, $1.55 billion in loans, and $1.44 billion in deposits. We have approximately 195 employees working throughout New Jersey in Burlington, Gloucester, Hunterdon, Mercer, Middlesex, Somerset and Morris counties and Bucks and Chester counties in Pennsylvania

This First Bank property is located at 3 Tree Farm Road, Pennington in New Jersey. Pennington is a census-designated place in Mercer County, New Jersey. It is located approximately nine miles from Princeton, New Jersey and six miles from Trenton-Mercer Airport. The borough is an independent municipality surrounded by Hopewell Township.

The subject property is well-positioned in an active academic and medical education area, benefitting from its proximity to major academic institutions and research sites. Princeton University is less than nine miles away with a total enrollment of more than 8,500 students. Within a mile radius of the First Bank, there are also six more academic institutions with more than 3,500 students and 300 teachers. There are also compelling location fundamentals in the immediate area. Within three miles there is the Bristol-Myers National Headquarters, which employs over 1,000 people, Trap Rock Industries has a large quarry and Kooltronic has a sizeable production plant employing an additional 150 people. Six miles away is Trenton-Mercer Airport which serves more than 700,000 passengers annually. Major national retailers in the area include Burger King, U.S Postal Service, Wells Fargo, and Dunkin’ Donuts, which is positioned adjacent to the site. This is alongside many different local retailers within the immediate area.

Pennington is extremely affluent, with an average household income exceeding$162,000 within a three-mile radius. Within the same radius, over 30% of the households earn more than $200,000 per year. There are approximately 43,300 people within a five-mile radius of this property and 381,900 within a ten-mile radius. The property features high visibility and ease of access from Pennington Avenue, which has a substantial average daily traffic count of more than 25,000 vehicles.
Pennington is home to many high-end academic institutions and public schools. It is rated a great place to live with a high average household income that is more than double the U.S average of $53,482. Pennington also has a very low crime rate and a low unemployment rate. Approximately nine miles away from Pennington is Princeton, New Jersey. Princeton has the strong academic attraction of Princeton University and with historic interest, moderate living costs and a large commercial and industrial presence, it has attracted numerous new housing developments to be commissioned in recent months. Unlike most New Jersey cities, it is more tied economically to the Delaware Valley and Philadelphia, benefiting from being alongside the U.S 1 corridor which enables excellent residential areas and a highly educated and middle-class upbringing. Pennington’s close and convenient proximity allows it to benefit from the area’s advantages

 

 

Broker of Record: Brian Hosey License #1434917

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Glen Kunofsky

President, Founder
(212) 430-5115

Russell Wachtler

Senior Managing Director, Investments
(212) 430-5132

Mark Epchteine

Associate
(212) 430-5223