Upland, CA – Faris Lee Investments, a leading national retail commercial real estate investment firm, has announced the successful closing of the $6.1 million sale of a 9,348 SF Bank of America property located in Upland, California, situated on 1.96 acres. Faris Lee generated multiple strong offers through their strategic marketing approach which triggered a Bank of America right of first refusal (ROFR) to purchase. Faris Lee represented the Seller, a family private office based in Arizona, and Bank of America was represented by Cushman & Wakefield. The transaction achieved a cap rate of 5.0% and /or $653 PSF.

Bank of America has occupied at this location on Foothill Blvd. & Mountain Ave. since 1969 on a ground lease which demonstrated exceptional performance, with confirmed branch deposits exceeding $322 million as of October 2024, reflecting the location’s vitality and long-term viability.

Managing Principal Jeff Conover, Senior Managing Director Scott DeYoung, and Director Greg Lukosky spearheaded the transaction.

About Faris Lee Investments:

Faris Lee Investments is one of the nation’s leading retail investment advisory firms, and among the first to operate under a unified, team-oriented platform. The company combines advanced underwriting, market research, and creative marketing strategies designed to maximize client value. Faris Lee provides advisory services across dispositions, acquisitions, recapitalizations, distressed asset resolutions, portfolio sales, and corporate sale-leaseback transactions.
For more information, visit www.farislee.com