NET LEASED CITIBANK PROPERTY SOLD
Invest Commercial, a net leased investment brokerage firm, has completed the sale of a single-tenant Citibank property located at 129 E. Park Avenue for $3,100,000.The 4,116 Sq. Ft. building is located in the middle of the Long Beach retail district.
There are 13years left on the base lease term and the branch deposits are in excess of $242M. The absolute triple net lease features zero landlord responsibilities and features a full corporate guarantee.Frank Caporrino, President of Invest Commercial, represented the buyer and the seller in the transaction.
The seller was a Florida based landlord and the buyer was a private investor from Brooklyn who was completing a 1031 exchange.“This particular bank property generated a lot of interest because of its long-term lease and yearly increases.”, said Frank Caporrino, President of Invest Commercial. “The market remains strong for triple net leases, particularly bank properties with investment grade credit”.
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