REMCO Realty Group sells PNC Bank for $1.765 million in Hunterdon County
Whitehouse, NJ — Peter Gallicchio president of Somerset, NJ based Remco Realty Group has announced that the firm recently sold the single tenant net leased PNC Bank located at 432 Rte. 22 (West) in Whitehouse.Built in 2007, this 3,600 s/f building sits on 1 acre of land at the corner of Rte. 22 West and Ramsey Rd. and features 13 car parking with 3 drive-thru lanes and 1 pass thru lane. The site benefits from area demographics that include a population earning over $186,000 of median household income within a seven mile radius.The property is under a long term lease that contains multiple renewal options with annual rental increases making this an ideal investment opportunity. The property sold for $1.765 million representing a 5.25% cap rate on existing NOI.Remco represented the 1031 exchange buyer in this transaction.