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12/23/22
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Union Bank collected $19.25 mil from the sale of five bank branches across San Diego County and in Brawley, CA.
Two branches are in San Diego, one near Ocean Beach at 1858 Cable St and the other at 6010 El Cajon Blvd. Built in 1964, the Cable Street branch is a 5.4k sf building located on the southeast corner of Cable St and Newport Ave, just blocks from the beach. The El Cajon branch, containing 12.4k sf, is located on the northwest corner of El Cajon Blvd and 60th St, near the San Diego State University campus.
The third location is in Lemon Grove, located at 3285 Lemon Grove Ave. The branch, built in 1975, is situated on the southeast corner of Lemon Grove Ave and Golden Ave, in the center of the community's business district.
Two branches are located south of San Diego. One is in Imperial Beach at 900 Palm Ave, and one is in Brawley, at 290 Main St. The 4.8k sf branch in Imperial Beach was built in 1996 and is situated on the northeast corner of Palm Ave and Ninth St. The 9.5k sf branch in Brawley is in the downtown commercial district on the corner of Main St and Third St.
CBRE's Michael Peterson, Reg Kobzi and Joel Wilson represented Union Bank in the transactions.
"As banks continue to evaluate real estate on their balance sheets, it is important to analyze each asset individually," said Peterson. "Each of these five bank branches had a different business plan and took strategic underwriting to attract a buyer who could deliver the highest and best use for the site."
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