December 5, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $1.7 million sale of a 2,034-square-foot, single-tenant retail building leased to Citizens Bank in the Philadelphia-area community of Springfield, Delaware County, Pennsylvania.
The HFF team marketed the property on behalf of the seller, 9th and Highland LLC, a Glen Mills Investment Group, and procured the buyer, an affiliate of Chipster Properties, a California-based investor, which invests in infill located properties in select markets throughout the United States. HFF worked closely with Adam Rudman, an associate with Premiere Properties, to execute a seamless transaction.
Citizens Financial Group, Inc., which owns Citizens Bank, is one of the nation’s oldest and largest financial institutions. The bank has operated at this location since 1975. Situated on .70 acres at 40 East Woodland Avenue, the building is at a signalized intersection off Woodland Avenue in Springfield approximately 10 miles from Center City Philadelphia and less than two miles from Interstate 476. The site features a high traffic count of more than 12,900 vehicles per day in a dense location; more than 138,700 residents earning an average annual household income of 106,590 live within a three-mile radius.
The HFF investment advisory team representing the seller included managing director Marc Mandel and director Steve Schrenk.