August 29, 2017 – Mark Brockwell, Bob Horvath and Todd Tremblay of Horvath & Tremblay have successfully completed the sale of the ground lease to Dollar Bank in Greenburg, Pennsylvania. Horvath & Tremblay exclusively represented the seller and procured the buyer to close the property at a sale price of $2,400,000.
Dollar Bank signed a 20-year ground lease in July 2004 which includes (1) ten year option and annual rental escalations throughout the base term and option period. This Dollar Bank location is strategically located as an out parcel to the Westmoreland Mall, a 1,283,597 square foot, two level, enclosed shopping mall. The mall was extensively renovated and expanded in 1993-1994. Anchor tenants include: The Bon-Ton, H&M, J.C. Penny, Macy’s, Old Navy, and Sears. Westmoreland Crossing is located behind the mall and includes the following anchor tenants: Carmike Cinemas, Dicks Sporting Goods, Michaels, & TJ Max. Due to the banks strategic location this branch has exhibited strong branch deposits in excess of $77 million. Dollar Bank has great visibility along Pennsylvania Route 30, the primary retail corridor and local route traveling in the southern part of the state. Dollar Bank started in 1855, and recently celebrated its 160 year anniversary. Dollar Bank is a full-service regional bank serving both individuals and business customers, operating more than 60 offices throughout the southwestern Pennsylvania and northeast Ohio metropolitan areas. The bank’s Pennsylvania headquarters is located in downtown Pittsburgh and the Ohio headquarters is located in downtown Cleveland. Dollar Bank is the largest independent mutual bank in the nation as of March 2016.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.