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10/30/24
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A private investor acquired a 47.7k sf, NNN-leased office building in Rancho Cucamonga, in a recent sale/leaseback transaction valued at $21.5 mil ($449/sf). The property was sold by Citizens Business Bank.
The Citizens Business Bank building sits on a 4.33-acre site at 9337 Milliken Ave, west of I-15 and north of I-10. It includes 307 parking spaces.
Fully occupied at the time of sale, the property serves as the corporate office and call center for Citizens Business Bank. The sale-leaseback transaction included a 10-year, corporate-guaranteed lease with the seller.
Edward Michino and Jed Enomoto with NAI Capital Commercial represented the buyer in the deal. Citizens Business Bank was repped by KW Commercial.
“The acquisition of the Citizens Business Bank property exemplifies the strategic value of a well-executed 1031 exchange,” said Edward. “Securing a corporate-guaranteed 10-year leaseback in such a prime location ensures stable cash flow and long-term value for our client. As the real estate market evolves, we continue to see strong demand from clients ready to pursue complex investment opportunities.”
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