The Citizens' sale-leaseback portfolio consisted of approximately 35,000 sf of retail branch space with long-term leases. The properties were sold for about $9.2 million, or $260 per sf for the six locations. The buyer, Merchants Realty Associates, is based in Hookset, NH.
The sale of the two-building portfolio consisted of a two-story, 27,021-sf office building at 5 High St. as well as a 5,337-sf retail branch located in Warwick, RI. The total sale price of this two-building portfolio was $2.8 million. The buyer was Hajjar Realty & Management.
Patrick Cavanagh, Phil Giunta and Elizabeth Carrillo Thomas of CB Richard Ellis/Whittier Partners represented Citizens Bank in the transactions in which Merchants Realty Associates acquired the sale/leaseback portfolio and Hajjar Realty & Management bought two buildings. Cavanagh, Giunta and Carrillo also procured the buyers.
"We put together an aggressive marketing campaign consisting of a sale/leaseback portfolio of six bank branches located throughout Greater Boston and Rhode Island. We received tremendous interest from local, regional and national investors targeting this unique investment opportunity," says Cavanagh, a vice president at the Boston office of CB Richard Ellis/Whittier Partners. "In addition, we handled the sale of a two-building portfolio for Citizens Bank."
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