STNL First Bank (NASDAQ: FRBA)

Triple Drive-Thru Bank with 350+% Deposit Growth

Listing Contacts

Michael Hinchman
PRO
License: PA RS345375
Phone Number: Sign Up or Log In to see phone number
View my profile
LG
Lawrence Gariano
PRO
License: PA AB067647, NJ 0790741
Phone Number: Sign Up or Log In to see phone number
View my profile

Under Contract

Property is under contract

Address

3 Tree Farm Rd, Pennington, NJ 08534

Show on Map

Date Added

Oct 8, 2024

Days on Market

161 days

Time Since Last Update

25 days

Details

Property TypeRetail

SubtypeBank

Investment TypeNet Lease

ClassA

Lease TypeNNN

Tenant CreditCredit Rated, Corporate Guarantee

TenancySingle

Brand/TenantFirst Bank

Lease Term11.2 years

Lease Commencement03/01/2018

Lease Expiration04/30/2029

Remaining Term4.1 years

Square Footage3,600

Occupancy100%

Year Built2004

Buildings1

Stories1

Lot Size (acres)1.34

Rent Bumps11.76% Option 1, 5.26% Option 2

Lease OptionsTwo: 5-Year Options

Ground LeaseNo

Marketing Description

Graystone Capital Advisors 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 is made up of a 3,600 square foot building, situated on approximately 1.34 acres of land.

The investment opportunity is subject to a triple-net lease (NNN), with minimal landlord responsibilities, which has approximately 4.70 years of term remaining. The current rent is $85,000 and is subject to an 11.7% rental increase in the first of two, five-year option periods. The lease is guaranteed by First Bank (NASDAQ: FBRA).

As of June 30, 2024, First Bank had $3.62 billion in assets, $3.00 billion in loans, and $2.97 billion in deposits. They have approximately 294 employees throughout their 26 locations in New Jersey, Pennsylvania, and Florida. First Bank’s common stock is listed on the Nasdaq Global Market exchange (FRBA) and their headquarters is in Hamilton, NJ.

Investment Highlights

ABOUT THE TENANT

Over $53,900,000 in Branch Deposits as of June 30, 2024, a 5-Year Increase of over 350%. YOY deposit growth of 25+% for 2024.
FRBA Total Deposits Increased by 29.4% in 2023
As of June 30, 2024, First Bank had 26 Branches, $3.62 Billion in Assets, $3.00 Billion in Loans, and $2.97 Billion in Deposits
Trades on the NASDAQ Global Market Under the Ticker Symbol FRBA (BBB+Rated | KRBA Investment Grade)

ABOUT THE INVESTMENT

Just Under 5 Years Remaining on a Triple-Net (NNN) Lease, with Minimal Landlord Responsibilities
Rental Increase of 11.6% in the upcoming Option Period
Two (2), Five (5)-Year Tenant Renewal Options
Corporate Guarantee (NASDAQ: FRBA)

ABOUT THE LOCATION

Located in Affluent Mercer County, New Jersey Over 45,000 Individuals Within a Five-Mile Radius
Average Household Income Exceeds $157,000, $161,000, and $155,000 Within a One-, Three-, and Five-Mile Radius, Respectively
Princeton University – 8,500+ Students – Approximately Nine Miles Away