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RETAIL NEWS
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Two LA-Area NNN Bank Properties Sell in Deals Totaling Nearly $8 Mil

7/19/12

We’ve got two single-tenant, NNN-leased bank property sales in Los Angeles County to report. The transactions, which consisted of a property occupied by California Bank & Trust in San Dimas and a property occupied by Chase Bank in Eagle Rock, totaled more than $7.8 mil.

Built in 1989, the California Bank & Trust property totals 10.4k sf and sold for $3.68 mil ($354/sf). It is situated on .82 acres at 530 W. Bonita Ave, just east of the 57 Fwy in San Dimas.

Dennis Vaccaro, senior managing director, and Matthew Mousavi, director, with Faris Lee Investments represented the buyer, 850 “F” Street LLC from San Jose. Vaccaro and Mousavi also represented the seller, Newport Beach-based CIM Financial LLC. The closing cap rate was 5.95 percent.

“Prior to putting the property on the market, we began working with the existing lender, California Bank & Trust, to create potential new loan structures with competitive terms to offer to prospective, qualified buyers,” said Vaccaro. “The attractiveness of the financing, along with highlighting the rarity of the lease structure, which features annual CPI increases, generated a great deal of buyer interest and a total of ten offers.”

Completely remodeled in 2012, the Chase Bank property totals 4.7k sf and sold for $4.14 mil ($881/sf). It is situated on .58 acres at 2175 Colorado Blvd in Eagle Rock. Vaccaro and Nicholas Coo, senior managing directors with Faris Lee Investments, represented the seller, Colorado Avenue Land Partners LLC, from Orange County. The buyer, Santa Monica-based May Lilly LLC, was repped by Steven Schechter of Marcus & Millichap. The closing cap rate was 5 percent. The all-cash buyer also paid the prepayment penalty cost on the existing loan.

“This property was formerly a Blockbuster Video and was completely remodeled for Chase Bank who moved in earlier this year signing a new 15-year lease. The property also included an additional parking lot which is a rare find on Colorado Blvd.,” said Vaccaro. “These benefits along with the strength of the tenant made this an ideal buying opportunity for investors seeking passive income opportunities.”

The property is ideally located at the signalized, hard corner intersection of Colorado Blvd and Eagle Rock Blvd, with both the Glendale Fwy and Ventura Fwy within half a mile. The property also draws from the over 577,000 consumers within a five-mile radius.





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