Bank of America Branch Trades at Record-Low Cap Rate

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.”

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.