Los Angeles Investment Firm Buys Oro Valley BMO Harris Bank Branch in Portfolio Sale

BMO Harris Bank, 10655 N Oracle Rd, Oro Valley, AZ
BMO Harris Bank, 10655 N Oracle Rd, Oro Valley, AZ

The BMO Harris Bank Branch in Oro Valley sold as a portion of a larger 21 property national BMO portfolio recently transacted in a sale-leaseback with Los Angeles based investment firm Corporate Partners Capital Group.

There were a total of six properties included from Arizona, four located in the Phoenix Metro area, and another one in Sedona.

The BMO freestanding PAD branch at 10655 North Oracle Road sold for $2.12 million ($423 PSF) for the 4,985-square-foot building built in 2005 with a 2 lane drive thru and ATM. Located at the southwest corner of Oracle and 1st Avenue in the Target Center, the branch was formerly a Marshall & Isley Bank until 2011 when BMO Harris acquired M&I Bank. There are three other BMO Harris Bank locations in Tucson.

The four Phoenix locations totaled 17,175-square-feet and sold for $9.3 million ($541 PSF):

  • 2839 W Bell Rd, Phoenix, at I-17 & Bell Rd: A 3,951-square-feet freestanding PAD branch is located in a Fry’s Supermarket anchored neighborhood shopping center.
  • 9050 N 19th Ave, Phoenix at 19th Ave & Dunlap: A freestanding 4,392-square-feet bank branch with a 3 lane drive thru and ATM.
  • 2077 S Priest Dr, Tempe at Priest & Broadway: A Freestanding 4,493-square-feet bank branch with a 2 lane drive thru and ATM.
  • 7138 E Thunderbird Rd, Scottsdale at Scottsdale & Thunderbird: A freestanding 4,339-square-feet branch location with a 3 lane drive thru and ATM located in a Smart & Final anchored neighborhood shopping center near Scottsdale Municipal Airport.

The Sedona BMO Branch is located at 2010 West 89a, Sedona but no additional information was available on the sale

The properties will be leased back with a ten-year primary period that will run through the end of September 2024, then have eight successive five-year options to renew.

Corporate Partners Capital Group specializes in single tenant, net leased commercial real estate.

The 31 property portfolio sale was brokered by Chicago based Jones, Lang and LaSalle that can be reached at (312) 782-5800.

Vizzda News contributed to the details of the Phoenix properties, to read more click here.