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2/18/22
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A NoCal-based private investor paid $6.15 mil for a 9.2k sf ($668/sf), single-tenant NNN Bank of America property in Rancho Cucamonga, in an all-cash 1031 exchange deal. The property is located at 8700 Baseline Rd.
The long-standing bank with drive-thru is in the Stater Bros.-anchored Country Village shopping center at the signalized hard corner intersection of Baseline Rd and Carnelian Ave, with visibility to over 48,000 cars per day.
The BofA branch has been at Country Village since 1976. According to the FDIC, this branch has $279 mil in deposits which ranks it in the top 20% of the 85 Inland Empire Bank of America ocations. Adding to the appeal, the well-established shopping center is currently undergoing a facade and common area renovation. In addition to Stater Bros., the center is also home to a variety of daily needs shops and services.
Located in one of the Inland Empire’s most established trade areas, the property has over 50,000 people within a five-minute drive-time with an average household income exceeding $100k. Furthermore, the property is adjacent to Alta Loma High School with 2,500+ students and across from the 40-acre Red Hill Park both of which are significant traffic generators and provide enhanced visibility of the center.
Bank of America Corporation is publicly traded with an A+ rating by Standard & Poor’s. It is also the nation’s 2nd largest bank in terms of total assets and has over 4,300 branches throughout the US.
Brad Umansky with Progressive Real Estate Partners, along with Glenn Rudy with Newmark, co-listed the property and represented the seller, WM Capital. The buyer was repped by Bill Allen with Marcus & Millichap.
According to Umansky, “High quality single tenant NNN assets like this Bank of America continue to be a popular investment choice in SoCal’s Inland Empire. The exceptional corner location, 45-year operating history, and investment grade credit all attracted buyer interest for this property.”
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