Price:

$3,179,506

Building Size:

4,355 SF

Price/SF:

$730.08

Property Type:

Retail

Property Sub-type:

Free Standing Bldg

Property Use Type:

Net Lease Investment with

10+ years left on lease

Cap Rate:

4.25%

Tenancy:

Single

Lot Size:

1.20 AC

Listing ID

18776165

Highlights

• New 10 Year Absolute NNN Lease-Zero Landlord Obligations-Annual 1.5% Increases in Rent
• Densely Populated San Francisco Suburb
• 2013 Branch Deposits Exceed $102,054,000
• Rare Northern California Net Leased Opportunity-Outparcel to Major Mall Anchored by Macy’s, JCPenney, Sears, Burlington Coat Factory
• Just Off of Interstate 880 – One of the Bay Area’s Most Heavily Trafficked Freeways
• Citigroup Corporate Guaranty – NYSE: C, S&P Rated A – Investment Grade Credit- 3rd Largest Bank Holding in the U.S.

Description

This is the unique opportunity to acquire a new 10 year absolute NNN leased Citibank in Northern California. The lease commenced in February 2014 and runs through January 2024. There are zero landlord obligations and the lease calls for annual 1.5% increases in rent. Beyond the initial term there are four 5 year renewal options.

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.

Newark is a city in Alameda County, California. Newark is an enclave, surrounded by the city of Fremont. The three cities of Newark, Fremont, and Union City make up the “Tri-City” area. Its population was 43,539 in 2014. Newark is part of the San Francisco Bay Area and is located in the southern part of the East Bay, in close proximity to Silicon Valley.