Hanley Investment Group Real Estate Advisors arranged the sale of a 2015-new construction, single-tenant property occupied by Bank of America in Palm Desert. The sale price was $2,875,000 for the absolute triple-net ground lease. The sale reportedly achieved a record-low cap rate for a single-tenant Bank of America sale in California in 2023.
EVPs Bill Asher and Jeff Lefko represented the seller, a private investor based in Los Angeles. The buyer, a private investor based in Riverside County, was represented by Tyler Rollema at The Klabin Company in Torrance.
“We generated multiple qualified offers within initial weeks of launching formal marketing of the property, ultimately finalizing a deal with an all-cash buyer in a 1031 exchange, residing in close proximity to the property,” said Asher. “Based on the competitive bidding environment we created, we negotiated a timely due-diligence period that commenced from the signed letter of intent to help provide the seller with a higher level of certainty of the buyer’s commitment to purchase the property.”
The post Bank of America Branch Trades at Record-Low Cap Rate appeared first on Connect CRE.
Hanley Investment Group Real Estate Advisors arranged the sale of a 2015-new construction, single-tenant property occupied by Bank of America in Palm Desert. The sale price was $2,875,000 for the absolute triple-net ground lease. The sale reportedly achieved a record-low cap rate for a single-tenant Bank of America sale in California in 2023. EVPs Bill Asher and …
The post Bank of America Branch Trades at Record-Low Cap Rate appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
robert khodadadian, skyline properties, commercial real estate, off market real estate, daniel shirazi, real estate investment, new york real estate