3510 Leigh Avenue, San Jose, CA 95124; Retail For Sale; D-14 in Santa Clara County
3510 Leigh Avenue, San Jose, CA 95124; Retail For Sale; D-14 in Santa Clara County
3510 Leigh Avenue, San Jose, CA 95124
Citibank | 15 Year NNN Lease | Silicon Valley
Retail Property For Sale
- Price:
- $6,658,743
- Building Size:
- 7,986 SF
- Price/SF:
- $833.80
- Property Type:
- Retail
- Property Sub-type:
- Free Standing Bldg
- Property Use Type:
- Net Lease Investment with
- 10+ years left on lease
- Cap Rate:
- 3.50%
- Occupancy:
- 100%
- Tenancy:
- Single
- Lot Size:
- 0.46 AC
- Listing ID
- 18761715
-
Highlights
- New 15 Year Absolute NNN Lease-Zero Landlord Obligations
- 2013 Branch Deposits Exceed $148,159,000- Hard Corner on Major Thoroughfare
- Nearby Major Retailers Including Target, , Sports Authority, Barnes & Noble, Beverly’s Fabric & Crafts, Smart & Final, Lucky Supermarket, Big Lots
- 7.5% Increases in Rent Every 5 Years
- Citigroup Corporate Guaranty – NYSE: C, S&P Rated A – Investment Grade Credit, 3rd Largest Bank Holding in the U.S.
- Outparcel to Home Depot, 24 Hour Fitness, TJ Maxx, and Target
Description
This is the unique opportunity to acquire a new 15 year absolute NNN leased Citibank in Northern California. The lease commenced in February 2014 and runs through January 2029. There are zero landlord obligations and the lease calls for 7.5% increases in rent every 5 years. Beyond the initial term there are three 5 year renewal options. The building was extensively renovated in 2007.
The property is leased to Citibank NA a wholly owned subsidiary of Citigroup, the nation’s 3rd largest bank holding company. Citigroup is publicly traded on the New York Stock Exchange under the ticker C and maintains a Standard & Poor’s credit rating of A, which is investment grade.
The property is well located at a hard corner on a main commercial thoroughfare and is an outparcel to Home Depot, 24 Hour Fitness, TJ Maxx, and Target. It is surrounded by many major retailers including Beverly’s Fabric & Crafts, Smart & Final, Lucky Supermarket, Big Lots, Bevmo, CVS/pharmacy, and many others.
San Jose is the third-largest city in California, the tenth-largest in the U.S., and the county seat of Santa Clara County which is located at the southern end of San Francisco Bay. San Jose is the largest city within Silicon Valley, which is a major component of the greater San Francisco Bay Area, a region of 7.6 million people and the sixth largest metropolitan area in the United States. It is the largest city in Northern California. When California gained statehood in 1850, San Jose served as its first capital.
