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CBRE Facilitates $19M Sale of Five Union Bank Branches
CBRE’s Michael Peterson, Reg Kobzi and Joel Wilson have represented Union Bank in the sale of five bank branches in San Diego County and Imperial County, CA. The undisclosed buyers paid a total of $19.25 million in acquiring the assets.
“As banks continue to evaluate real estate on their balance sheets, it is important to analyze each asset individually,” said Peterson. “Each of these five branches had a different business plan and took strategic underwriting to attract a buyer who could deliver the highest and best use for the site.”
The five branches are:
- 1858 Cable Street, San Diego 5,379 square feet
- 6010 El Cajon Blvd., San Diego 12,422 square feet
- 3285 Lemon Grove Ave., Lemon Grove (pictured)
- 900 Palm Ave., Imperial Beach 4,751 square feet
- 290 Main Street, Brawley 9,461 square feet
“We expect to see more opportunities like this in the market as banks and users evaluate next steps with their real estate,” added Peterson.
- ◦Sale/Acquisition
