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2/10/16
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A 6k sf, single-tenant, NNN-leased property occupied by Chase Bank in Northridge sold for $3.9 mil ($650/sf). The property is located at 10207 Balboa Blvd, just south of Devonshire St.
Kyle Gulock and Jason Cope of Charles Dunn Company represented the seller, Balboa Plaza Investments LLC. The buyer was RBS Investments LLC. The transaction closed at a capitalization rate of 4.7 percent.
“Our seller took advantage of the demand in the market for single tenant net lease investment real estate while avoiding the future uncertainty of owning a bank branch,” said Gulock.
Gulock added: “In 2015, two percent of bank branches statewide were closed. However, the overall deposit base in the State of California increased by 7 percent. This metric indicates the consumer base is still using banks, but not in the traditional way. Financial institutions are requiring less physical space and fewer employees due to online banking and on-site debit machines. The demand for brick and mortar locations is decreasing.”
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