Portfolio is offered at a total asking price of $63.8 million
Los Angeles – CBRE won the assignment to market a portfolio of 16 current and former Chase Bank retail properties throughout California for a total asking price of $63.8 million. Offers are due July 21, 2020.
CBRE’s Bill Durslag, Dan Riley, Simon Mattox and Austin Wolitarsky are leading the sale efforts on behalf of MetLife Investment Management (MIM). The team has been closely involved with the portfolio, serving as the exclusive advisor to MIM for the portfolio over the past several years and facilitating a complex lease renewal for the properties in 2019.
The portfolio is split into two portions, which are available separately or together. The first set consists of eleven branches situated in such California markets as San Francisco, Santa Cruz, Sacramento, Fresno, San Bernardino and Orange that are leased to Chase on a triple net lease basis. The second portion is comprised of five vacant branches in such locations as Livermore and Concord.
The leased properties offer a management-free investment opportunity with Chase’s investment grade credit tenancy, while the vacant branches present new ownership with the ability to add significant value at sites that feature functional buildings, ample parking, strong real estate fundamentals and strategic trade area locations.
“These are, across the board, extremely well-located assets in some of the most desirable markets throughout Southern, Central, and Northern California,” said Durslag. “This is an incredible opportunity for a buyer looking to enter California or expand their presence in this economically important state.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
