Los Angeles-based, Corporate Partners Capital Group Inc, a private investment group, has acquired three M&I Bank branches in a sale-leaseback agreement, with BMO Harris Bank, signing separate 10-year leases with 8 successive five-year options.
Corporate Partners bought the retail sites from BMO Harris Bank for $6.4 million ($390.65 PSF) for the 16,293-square-feet portfolio, consisting of 3 bank branches with drive-thrus at 1200 N Wilmot Road, Tucson in El Dorado Place, 35 N Houghton Road, Tucson in Eastpointe Commercial Center and 270 W Continental Road in Green Valley, Arizona at the Safeway anchored Continental Shopping Plaza.
The investor was attracted to the deal because of its competitive economics, the reduced closing costs involved and other advantages offered by the transaction, Howard Sands, founding principal of Corporate Partners, reported.
The complete BMO Harris Bank Arizona Sale Leaseback Portfolio consists of 31 retail bank branches totaling 173,934-square-feet. It was Corporate Partners Capital Group that purchased the BMO Harris Bank in Oro Valley back in September along with four other locations in Phoenix for an aggregate total of $11.42 million and one in Sedona. Real Estate Daily News Sept 17, 2014.
Corporate Partners Capital Group specializes in the acquisition and financing of corporate real estate. The principals of Corporate Partners have structured sale-leaseback transactions with Circuit City, EDS, Limited Brands and Sierra Health Services and build-to-suit/take-outs with various developers. In 2003 Corporate Partners acquired a 31-property portfolio of auto part stores secured by long term leases with CSK Auto and O'Reilly Automotive.
The complete BMO Harris Bank Arizona Sale Leaseback Portfolio consists of a 31 property portfolio sale that is being brokered by Chicago based Jones, Lang and LaSalle and can be reached at (312) 782-5800.
Login and see RED Comp #2748, #2751 and #2752 for cap rate. Priors are at RED Comps #2131, #2216 and #2699
[mepr-show rules="58038"]1200 N Wilmot – sale date: 3/23/2015 sale price $1,795,330. $614,080 down for 4,900 Sf building (built 1979) on 39,756 SF lot.
35 N Houghton Road – sale date: 3/24/2015 sale price: $1,636,641 with $581,391 down for 4575 SF (built 2004) on 79,085 SF lot.
270 W Continental Road – sale date: 3/24/2015, sale price: $2,932,962 with $1,034,712 down for 6,818 SF (built 1981) on 53,068 SF.[/mepr-show]