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Portfolio of 16 Chase Bank Properties in California Listed for $63.8 Mil

7/14/20

MetLife Investment Management (MIM) has awarded the marketing assignment for a portfolio of 16 current and former Chase Bank retail properties throughout California to a team from CBRE. The portfolio has a total asking price of $63.8 mil. Offers are due July 21, 2020.

CBRE’s Bill Durslag, Dan Riley, Simon Mattox and Austin Wolitarsky are handling the assignment for MetLife. The team has been closely involved with the portfolio, serving as the exclusive advisor to MIM for the portfolio over the past several years and facilitating a complex lease renewal for the properties in 2019.

The portfolio is split into two portions, which are available separately or together. The first set consists of eleven branches situated in such California markets as San Francisco, Santa Cruz, Sacramento, Fresno, San Bernardino and Orange that are leased to Chase on a triple net lease basis. The second portion is comprised of five vacant branches in such locations as Livermore and Concord.

The leased properties offer a management-free investment opportunity with Chase’s investment grade credit tenancy, while the vacant branches present new ownership with the ability to add significant value at sites that feature functional buildings, ample parking, strong real estate fundamentals and strategic trade area locations.

“These are, across the board, extremely well-located assets in some of the most desirable markets throughout Southern, Central, and Northern California,” said Durslag. “This is an incredible opportunity for a buyer looking to enter California or expand their presence in this economically important state.”





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