CBRE Group, Inc. (CBRE) announced today that it has arranged the sale of a Citizens Bank located at 822 Welsh Road in Horsham, Pennsylvania. The 3,500 square-foot property traded hands for a price tag of $7,535,765.

CBRE’s Marc Mandel, Matthew Gorman and Michael Shover represented the seller during the transaction.

“The supply is limited of long-term net leased premium properties in a regional trade area within a major Northeast market,” said Marc Mandel, First Vice President, CBRE. “The fact that this property was leased to an investment grade National Bank with a tremendous deposit history ultimately helped the seller achieve a strong purchase price and aggressive CAP rate.”

Built in 2011, the property is situated in a strong demographic area, where average household incomes exceed $150,000 and includes more than 6,800 people within a one-mile radius.

Citizens Bank currently has fifteen years remaining on its long-term ground lease.

Matthew Gorman, Michael Shover, Marc Mandel and Steve Schrenk make are part of CBRE’s net-lease team, which specializes in the marketing and sale of single and multi-tenant net-lease investment real estate. Collectively, the team has sold well in excess of $1 billion in net lease properties nationwide.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.