NEW YORK CITY-As investor appetite for 1031 exchanges gears up, Newmark Grubb Knight Frank Capital Group has been tapped to market a portfolio of 11 Citibank retail branch locations in the New York metropolitan area on anexclusive basis, the New York Post reported. NGKF’s capital group team of Kenneth L. Zakin, Randall E. Liberman and Hymie Dweck is handling the sales of the triple-net-leased properties, which Zakin says is already “attracting a great deal of interest.”
“The portfolio represents a unique opportunity for an investor to acquire individual Citibank retail bank branches in strong neighborhood locations within the New York metro area, or to acquire a portfolio of 11 locations with very little occupancy and operating risk,” he adds, in a statement.
The portfolio includes two locations in the Bronx (241-85 Creston Ave. and 1261 Castle Hill Ave.); three in Brooklyn (80 Jamaica Ave., 1501 Kings Highway and 1455 Myrtle Ave.); three in Queens (121-11 Liberty Ave.; 80-19 Roosevelt Ave.; and 217-02 Jamaica Ave.); two in Nassau County (199 Second St. in Mineola and 4881 Merrick Rd. in Massapequa); and one in Westchester County (711 Boston Post Rd. in Mamaroneck).
According to Zakin, properties are priced from $1.5 million to $7 million. Each branch property has 10 years of term remaining on an existing Citibank net lease, with a 5% cap rate on annual CPI rent increase. A portion of the space at three of the 11 properties is leased to third-party tenants not affiliated with Citibank.
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