TUCSON, Arizona -- The BMO Harris Bank occupied property at 1200 N Wilmot Road in Tucson sold for $2.52 million ($506 PSF). The buyer and seller were both from California and the property sold for investment leased to the bank.
Located at the signalized intersection of Speedway and Wilmot, the 4,980-square-foot building with multiple drive thru lanes was constructed in 1979 on a 39,756-square-foot lot for plentiful parking.
The branch boasts over $48 million in deposits and is positioned within a diverse trade area. adjacent to Trader Joe’s, Target, Starbucks, Costco, Check E Cheese, Lowe's and BBVA Compass with over 85,000 vehicles per day.
BMO is celebrating 200 years in business. In 1817, the Montreal Bank became Canada’s first bank, and went on to play a critical role in the building of a nation, its financial systems, and the prosperity of its people.
Marcus Muirhead was with Colliers International of Greater Phoenix when he negotiated this transaction and is now with Lee & Associates in Phoenix.
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[mepr-show rules="58038"]Property was fully leased with a new 15- year triple net lease and corporate guarantee, the property sold with 2% annual increases and eight 5-year options. Property sold with an NOI of $111,571 and a 4.43% cap rate.[/mepr-show]