November Capital / September 9, 2021
With the advent of mobile banking, net lease investors have expressed concern regarding the future of brick and mortar bank properties. However, the flight to quality prevails. Investment grade bank properties are moving.
Demand for high credit, well located net lease bank assets remains strong. Here are some recent select net lease bank transactions.
August 23, 2021 – Sahuarita, Arizona – Chase Bank (Ground Lease) sells for $3.3M (5.25% Cap Rate) with five years remaining on the lease.
August 16, 2021 – Chandler, Arizona – US Bank (Ground Lease) sells for $4.7M (4.25% Cap Rate) with 24 years remaining on the lease.
August 10, 2021 – Pittsburgh, Pennsylvania – Bank of America (NNN) sells for $4.1M (4.5% Cap Rate) with 15 year remaining on the lease.
August 2, 2021 – Chandler, Arizona – Chase Bank sells for $4.7M (4.23% Cap Rate) lease term was not available.
July 30, 2021 – Palm Desert, California – US Bank (Ground Lease) sells for $2.2M (5.82% Cap Rate) with six years remaining on the lease.
July 22, 2021 – Cary, North Carolina – Fifth Third Bank (Ground Lease) sells for $2.6M (4.00% Cap Rate) with approximately 15-20 years of term remaining on the lease.
July 13, 2021 – Delray Beach, Florida – Bank of America (NNN) sells for $2.8M (5.05% Cap Rate) with approximately three years remaining on the lease.
July 1, 2021 – Tampa, Florida – Pilot Bank (NNN) sells for $3.8M with approximately 15 years remaining on the lease.
November Capital Real Estate net lease bank update.
Information in this post should not be considered or relied upon for legal or financial advice.
