CITIBANK

RIVERSIDE, CA

$4,805,000

Citibank

AT A GLANCE

  • Represented buyer in acquiring a single tenant Citibank branch in off market transition

  • 9 years remaining on lease

  • Prime retail location adjacent to the Galleria at Tyler, anchored by Nordstrom and Macy’s

CHALLENGES

  • Buyer needed financing to close the transaction. Financing was not accreted to the transaction

  • Older bank branch with functional obsolescence/difficult to re-lease if Citibank vacated

  • Low list cap rate for shorter term Citibank lease

MARKETING STRATEGY

  • Sourced lender who recently financed other Citibank single tenant transactions

  • Focused buyer on strong intrinsics of the real estate being located directly across the street from Galleria at Tyler

  • Showed buyer that large 1.1 acre parcel would create a prime redevelopment should Citibank ever vacate

RESULTS

  • Closed with lender having no re-trades on loan dollars or terms

  • Faris Lee’s relationship with seller created this off market opportunity to acquire a prime corner across from a regional mall

  • Buyer was able to purchase at an above market cap rate due to the off market nature of the transaction