Valley National Bank - Lyndhurst, NJ

456 Valley Brook Avenue, Lyndhurst, NJ, 07071, US

Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present for sale the single-tenant Valley National Bank (the "Tenant") located in Lyndhurst, NJ (the "Property" or "Asset"). The Tenant executed a 15-year absolute NNN lease in 2019 with 2.00% annual rental escalations. The lease has 8.7 years remaining with 12, 5-year renewal options to extend, demonstrating their commitment to this site. In June 2024, this location had over $91MM of deposits for a trailing 12-month period, up from $75MM five years ago (18% increase).

The Property is situated along Valley Brook Ave (7,000+ VPD), across a TJ-Maxx anchored regional shopping center. The five-mile trade area is supported by a population of over 524,000 and 223,000 households with an average income of $127,805. Valley National Bank is a premier financial institution with a rich history dating back to 1927 and over 260 branch locations across six states.

This offering presents the opportunity to acquire a regional bank branch situated in highly affluent Bergen county. The asset offers secure, long-term cash flow backed by national financial services firm that contains over $62.9 billion in total assets.

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Attributes

Building area net

405 m²

Year built

1974

Lease type

Absolute Triple Net

NOI

IDR 2,160,320,000

Cap rate

6.25%

Asking price

IDR 34,569,946,000

Media

Investment Highlights

Operating on an absolute NNN lease with ±8.7 years of lease term remaining and 2% annual rent escalations
Valley National Bank is the largest commercial bank headquartered in NJ with an investment grade rating (S&P: BBB)
Strong demand characteristics driven by 5-mile AHHI of $220K and population of 232,000+
Surrounded by notable national retailers including TJ Maxx, Walgreens, HomeGoods, PetSmart, etc.
Located in Bergen County, one of the wealthiest counties in the US
Over $91M of deposits for a trailing 12-month period, up from $75M five years ago (18% increase)