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Follow on Google News | Hanley Investment Group Completes Sale of ST Bank of America in Palm Desert for $2,425,000By: Hanley Investment Group Hanley Investment Group Executive Vice President Bill Asher and President Ed Hanley represented both parties in the transaction. The seller was Passco Washington Square, LLC of Irvine, Calif. The buyer was Sariel Investments LLC based in Los Angeles, Calif. Built in 2015, Bank of America occupies a 3,515-square- According to Asher, the property generated multiple competitive offers and the completed sale represents a record cap rate for a single-tenant bank in the Coachella Valley. “Investor demand for single-tenant investments leased to banks remains very strong due to their typical long-term absolute net-lease structure and rental escalations every five years in the primary lease terms and option periods,” said Asher. “Many private buyers and 1031 investors look to this sector for safe and stable returns as a majority of the bank ground leases are leased to investment-grade rated companies. This factor further contributes to the demand and cap rate compression within the sector,” Hanley said. Hanley Investment Group is currently marketing two single-tenant Chase Bank properties for sale, one in Riverside and the other in Mission Viejo, Calif. According to Asher, both properties are situated in established dense infill locations where Chase recently executed 10-year lease extensions, which demonstrates its long-term commitment to the sites. The Chase Bank in Riverside is listed for sale for $7,085,000. The 6,160-square- The Chase Bank in Mission Viejo is listed for sale for $8,960,000. The 7,050-square- About Hanley Investment Group Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com. End
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