NET LEASED CITIBANK BANK PROPERTY SOLD
Invest Commercial, a net leased investment brokerage firm, has completed the sale of a single tenant Citibank property located at 215 Jericho Turnpike, Floral Park, NY for $3,800,000.
The 4,767 Sq. Ft. building is located on one of Long Island’s busiest roads, within proximity to the Queens border. There has been a bank branch at this location for 40+ years and the branch deposits are more than $170M. There are 5 years left on the base lease term with renewal options. The absolute triple net lease features zero landlord responsibilities and features a full corporate guarantee.
The seller was a family trust from the Midwest and the buyer was a private investor from Queens who was completing a 1031 exchange.
“This particular bank property generated a lot of interest because of its location and its triple net lease.” said Frank Caporrino, President of Invest Commercial. “The market remains strong for single tenant financial institutions in the local metropolitan area”.
ABOUT INVEST COMMERCIAL
Invest Commercial is a full service real estate brokerage firm specializing in single tenant net lease assets throughout the country. The Invest Commercial team provides a broad range of investment advisory services to our clients.
Single Tenant Net Leased Transactions
1031 Tax Deferred Exchanges
Sale Leaseback Transactions
High Net Worth Individuals
Institutions & Private Equity Firms
Real Estate Investment Trusts
Local & National Developers