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CHANDLER, AZ-Vestar Development Co. of Phoenix has sold a just-completed, 5,000-sf bank building to a Solana Beach, CA investor for $3.08 million. The deal comes with a 40-year ground lease.

Steve Royce of Huntington Hotel Co.'s new tenant is US Bank, which is parked on a two-acre tract at 2995 S. Alma Rd. Though the actual lease consideration wasn't available, it's estimated that the Minneapolis-headquartered bank is paying a sub-flat cap rate of 4.75%.

The property, listed at a $3.2 million ask, was marketed for a month. It received five offers because of the location and lease. In addition, "the size of the land was of particular interest too," says Sanford Burstyn of Marcus & Millichap Real Estate Investment Brokerage Co., who represented Vestar.

Burstyn tells GlobeSt.com that the buyer, represented by Cary Colbert of CM Commercial Real Estate in Del Mar, CA met the seller's specifications partly because he was involved in an exchange and partly because he understood the unique aspect of the real estate he was acquiring. "The profile of our ideal buyer is someone who was in real estate for a long time and who understands quality," he explains. "This buyer had been in the business for about 30 years and he understood that this was an excellent piece of real estate."

Instant Insights /

California Buyer Banks $3M Deal

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