Stan Johnson Company has been tapped to market for sale a portfolio of 47 individual Citibank branch
Stan Johnson Company has been tapped to market for sale a portfolio of 47 individual Citibank branches.
With each property located within the New York metropolitan area, the portfolio could fetch north of $150 million, according to sources.
The free-standing single tenant bank branches make up a combined $9.1 billion in deposits and have been in operation for over 25 years.
Jason Maier, senior director in the New York City office of Stan Johnson Company, is heading the marketing efforts on the portfolio.
“Brands of this caliber are in demand by investors when it comes to single-tenant net leased assets,ˮ said Maier. “This portfolio also presents a buyer with the protection of strong residual real estate fundamentals with significant upside as the first lease renewal option for all of these locations is at fair market value. The majority of rents are below market by 25 percent and in some cases by as much as 80 percent.”
Maier continued: “There is safety and security of a net lease investment, with the potential in the fair market value renewal as well as the potential to reposition the well-located assets should the tenant ever vacate. I see these properties appealing to a diverse set of buyers including foreign equity funds, institutions, value-add firms, and family offices.”
The properties are located throughout the five boroughs of New York City, as well as the counties of Nassua, and Westchester.
Source: Real Estate Weekly