Search
 

Pontus Picks Up 61 Bank Branches

LA JOLLA, CA—The triple-net leased portfolio of national and regional credit tenants is located primarily on the East Coast along with eight locations in California.

A Regions Bank branch A Regions Bank branch, one of 61 triple net-leased properties traded to Pontus.

LA JOLLA, CA—Locally based Pontus Capital has landed $109 million in acquisition financing for a portfolio of 61 triple-net leased bank branches. HFF secured the financing on Pontus’ behalf through CCRE; published reports identify the seller as KBS Real Estate Investment Trust Inc.

The 98% leased portfolio, which traded for a reported total of $139.6 million to Pontus Net Lease Advisors LLC, consists of 19 national and regional credit tenants. Among the tenants are BB&T, Regions Bank, SunTrust Bank, Wells Fargo Bank, Bank of America and Fifth Third Bank. Twenty-seven of the branches are located in Florida, eight each are in California and North Carolina, seven in Georgia, four each in South Carolina and Virginia, two in New Jersey and one in Arkansas.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

More from this author

Recommended Stories

Nominate a Net Lease Expert

Nominate a Net Lease Expert

Ingrid Tunberg |

Do you know a professional and/or company that has helped shape the net lease sector? Submit a candidate for GlobeSt.'s Influencers in Net Lease recognition before May 29!

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.