High-grade bank credit on long-term ground leases, from a bank that is opening hundreds of new branches, and a buyer’s broker who has closed PNC deals in Florida.
A PNC Bank NNN property is typically a ground lease under a freestanding branch with a drive-thru, on a busy retail corridor or outparcel. You own the land, PNC builds and owns the branch, and PNC pays all taxes, insurance and maintenance. New leases typically run 20 years with 10% rent increases every five years. The tenant is usually PNC Bank, N.A., one of the 10 largest banks in the U.S., rated Aa3 by Moody’s for long-term deposits and A by S&P.
Unlike many banks, PNC is growing its branch network: it plans to invest about $2 billion to open more than 300 new branches across nearly 20 markets by 2029, and in January 2026 it acquired Colorado-based FirstBank, adding branches in Colorado and Arizona. Top-tier credit, land-only ownership and a growing network make PNC ground leases a favorite of safety-focused 1031 exchange buyers. Solid Investments FL has represented buyers on PNC Bank ground leases in Vero Beach and Fort Lauderdale, Florida. Our buyer representation is always free to you.
| Tenant | PNC Bank, N.A.; confirm the tenant entity on each lease |
|---|---|
| Parent company | The PNC Financial Services Group, Inc. (NYSE: PNC), Pittsburgh, Pennsylvania |
| Credit rating | PNC Bank, N.A.: Moody’s Aa3 (long-term deposits) / A2 (senior debt); S&P A; Fitch AA (deposits) as of October 2026 |
| Branch growth | More than 300 new branches planned by 2029; FirstBank (Colorado and Arizona) acquired January 2026 |
| Typical lease term | 20 years on new ground leases |
| Lease type | Ground lease; PNC builds and owns the branch |
| Rent increases | Typically 10% every 5 years |
| Renewal options | Multiple 5-year options |
| Typical cap rate (2026) | About 4.75%–5.5% for new 20-year ground leases |
| Typical price range | About $2M–$5M |
Credit ratings per PNC investor relations as of October 1, 2026. Cap rates and pricing reflect current market conditions and vary by deal.
PNC Bank, N.A. is rated Aa3 by Moody’s for long-term deposits and A by S&P, among the stronger credits in net lease. Confirm the bank entity is the tenant on the lease you are buying.
PNC is opening 300+ new branches by 2029 while many banks are closing them. Newer branches in its expansion markets come with fresh 20-year leases, but each branch still has to perform to renew.
The FDIC publishes deposits for every bank branch each year. A branch with strong, growing deposits is far more likely to renew. A buyer’s broker can pull this data for you before you make an offer.
You own the land and PNC owns the branch, with zero landlord responsibilities. A well-located pad site is your long-term protection, since it appeals to restaurants, retailers and other banks.
The more firm term remaining, the more the deal is worth. Older PNC leases near expiration trade at higher cap rates and depend on whether PNC renews that branch.
New PNC ground leases trade around 4.75% to 5.5%. At today’s interest rates, most buyers are all-cash 1031 investors seeking safety.
We’ve helped buyers close 5 PNC Bank transactions in 4 states, including three BBVA Compass branches that became PNC when PNC acquired BBVA USA in 2021:
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Solid Investments FL is a Florida NNN buyer's brokerage headquartered in Lakewood Ranch (Sarasota), serving investors across Florida and nationwide, and has represented buyers on 5 PNC Bank transactions in 4 states, including ground leases in Vero Beach and Fort Lauderdale, Florida, and former BBVA branches that are now PNC. We help investors and 1031 exchange buyers find and close PNC Bank and other bank ground leases nationwide, and our buyer representation is free.
As of October 2026, PNC Bank, N.A. is rated Aa3 by Moody's for long-term deposits (A2 for senior debt), A by S&P and AA by Fitch for deposits.
The main, and really the only, drawback of a ground lease is that you can't depreciate the building, since you own only the land and land isn't depreciable. For investors who need depreciation to shelter income, a fee-simple property may be a better fit.
The tenant paid to build the store, so it has a strong vested interest in staying. Ground rents are typically at or below market, which gives you upside if the site is ever re-leased. And in most ground leases the building reverts to the landowner when the tenant vacates or the lease ends (every lease is different, so verify it in yours). That's why ground leases are viewed as safer investments and trade at lower cap rates.
As of 2026, new 20-year PNC Bank ground leases are generally priced around 4.75% to 5.5%, depending on location, rent increases and lease term.
Opening. PNC plans to invest about $2 billion to open more than 300 new branches across nearly 20 U.S. markets by 2029, and it acquired FirstBank in Colorado and Arizona in January 2026. Individual branch performance still matters at renewal.
Usually, yes. Most PNC branch investments are ground leases: you own the land, PNC builds and owns the branch, and PNC pays all taxes, insurance and maintenance, with no landlord responsibilities.
For buyers who prioritize safety, yes. A PNC ground lease combines high-grade bank credit, zero landlord responsibilities, scheduled rent increases and land as long-term security, at price points of about $2 million to $5 million. The trade-off is a lower cap rate.
Generally no. With a ground lease you own only the land, which is not depreciable, while PNC owns the branch building. Investors accept that in exchange for the safety and passivity of the ground lease structure.
General information only, not investment, tax or legal advice. Credit ratings and market data change; verify current figures before investing.
We’ve closed PNC Bank ground leases and know how to evaluate a branch. Tell us your budget and timeline; our buyer representation is completely free.
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