CORONA DEL MAR, CALIF. – December 02, 2015 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm represented the buyer and seller in the sale of a single-tenant Bank of America corporate ground lease in Palm Desert, Calif. The purchase price was $2,425,000.
According to Asher, the property generated multiple competitive offers and the completed sale represents a record cap rate for a single-tenant bank in the Coachella Valley. “Investor demand for single-tenant investments leased to banks remains very strong due to their typical long-term absolute net-lease structure and rental escalations every five years in the primary lease terms and option periods,” said Asher.
The Chase Bank in Mission Viejo is listed for sale for $8,960,000. The 7,050-square-foot building, built in 1983, is situated on .33 acres and is a single-tenant absolute NNN investment with a drive-thru ATM. Chase Bank executed a new 10-year lease extension this year after operating at this location for 15 years. Chase Bank shares this signalized intersection with The Shops at Mission Viejo Mall, anchored by Nordstrom and Macy’s, as well as the destination-oriented Kaleidoscope, anchored by LA Fitness and Edwards Theatre.