Bank

Bank of America

Listing Price: $2,958,000

Cap Rate
7.01%
Tenant Name
Bank of America (sublease to GardaWord)
Years Remaining On Lease
2.80
Gross SF
20,125
Guarantor
Corporate Guarantee
Rentable SF
20,125
Price/Gross SF
$146.98
Lease Type
Absolute Net
Rent Per Square Feet
$10.30

Investment Overview

The subject property is a 20,125 square foot single-tenant, freestanding Bank of America (Subleased to Garda World) building situated at a four-way signalized hard-corner in Downtown Fresno. The property provides incredible opportunity for an investor to acquire the building at below replacement cost and realize 6.89 percent CAP return till June 2023, while seeking a new tenant at higher than current $0.75/square feet per monthly rent.

Fresno has population of 530,093 according to U.S. Census Bureau estimates. Over the past few years, there has been rapid growth in the downtown area with almost $92 million in private sector investments. Since 2011, there has been 560 new residential units completed with 342 units under development. The Fulton Mall, located a few blocks from the subject property spent $20 million renovation. The high speed rail station, located a half mile from the subject property, is currently under construction. In October 2016, a new downtown plan was created with the goal to develop 10,000 housing units and bring 15,000 new residents to Downtown Fresno.

Fresno recently approved new development ordinances in the downtown area. The subject property is part of the new DTC Downtown Core zoning, which was created to foster the enhancement of Fresnos business, shopping and cultural activities by guiding the development of the densest, most active and most interesting mixed-use urban center in the region. The maximum height allowed is 15 floors or 190 feet. Permitted uses include multi-unit residential, government offices, restaurants, hotels, fitness and general retail sales.**

The lease is corporately guaranteed by Bank of America, N.A., which maintains a Standard & Poors A+/Stable Outlook investment grade credit rating. Landlord is reimbursed for repairs, maintenance fees, insurance, real estate taxes, and the majority of property management fees.

The building is currently being subleased to GardaWorld Security Corporation until June 30, 2023. GardaWorld is one of the largest private security services firms in the world with over 62,000 employees across North America, Africa and the Middle East. In 2013, GardaWorld signed a $1.4 billion outsourcing partnership with Bank of America to become the #1 cash services company in North America.

GardaWorld Security Corporation is one of the largest private security services firms in the world and based in Montreal, Canada. The companys cash services division has approximately 300 secured vaults with over 3,000 armored transportation vehicles. The company was founded in 1985 and services several Fortune 500 companies, governments and humanitarian organizations.

Investment Highlights

  • Guaranteed Lease by Bank of America Until June 2023
  • 7.01 Percent CAP Based on Current Rent of $0.75/Square Feet per Monthly Rent
  • Priced Below Cost of $146.98/Square Feet
  • 1.14 Acre Lot at a Four Way Signalized Hard Corner
  • Fresno California High Speed Rail Station is Currently Under Construction
  • Downtown Core (DTC) Zoning Allows for a Potential Redevelopment Include Multi-Units

Exclusively Listed By

Listing Price: $2,958,000

Cap Rate
7.01%
Tenant Name
Bank of America (sublease to GardaWord)
Years Remaining On Lease
2.80
Gross SF
20,125
Guarantor
Corporate Guarantee
Rentable SF
20,125
Price/Gross SF
$146.98
Lease Type
Absolute Net
Rent Per Square Feet
$10.30

Investment Highlights

  • Guaranteed Lease by Bank of America Until June 2023
  • 7.01 Percent CAP Based on Current Rent of $0.75/Square Feet per Monthly Rent
  • Priced Below Cost of $146.98/Square Feet
  • 1.14 Acre Lot at a Four Way Signalized Hard Corner
  • Fresno California High Speed Rail Station is Currently Under Construction
  • Downtown Core (DTC) Zoning Allows for a Potential Redevelopment Include Multi-Units

Investment Overview

The subject property is a 20,125 square foot single-tenant, freestanding Bank of America (Subleased to Garda World) building situated at a four-way signalized hard-corner in Downtown Fresno. The property provides incredible opportunity for an investor to acquire the building at below replacement cost and realize 6.89 percent CAP return till June 2023, while seeking a new tenant at higher than current $0.75/square feet per monthly rent.

Fresno has population of 530,093 according to U.S. Census Bureau estimates. Over the past few years, there has been rapid growth in the downtown area with almost $92 million in private sector investments. Since 2011, there has been 560 new residential units completed with 342 units under development. The Fulton Mall, located a few blocks from the subject property spent $20 million renovation. The high speed rail station, located a half mile from the subject property, is currently under construction. In October 2016, a new downtown plan was created with the goal to develop 10,000 housing units and bring 15,000 new residents to Downtown Fresno.

Fresno recently approved new development ordinances in the downtown area. The subject property is part of the new DTC Downtown Core zoning, which was created to foster the enhancement of Fresnos business, shopping and cultural activities by guiding the development of the densest, most active and most interesting mixed-use urban center in the region. The maximum height allowed is 15 floors or 190 feet. Permitted uses include multi-unit residential, government offices, restaurants, hotels, fitness and general retail sales.**

The lease is corporately guaranteed by Bank of America, N.A., which maintains a Standard & Poors A+/Stable Outlook investment grade credit rating. Landlord is reimbursed for repairs, maintenance fees, insurance, real estate taxes, and the majority of property management fees.

The building is currently being subleased to GardaWorld Security Corporation until June 30, 2023. GardaWorld is one of the largest private security services firms in the world with over 62,000 employees across North America, Africa and the Middle East. In 2013, GardaWorld signed a $1.4 billion outsourcing partnership with Bank of America to become the #1 cash services company in North America.

GardaWorld Security Corporation is one of the largest private security services firms in the world and based in Montreal, Canada. The companys cash services division has approximately 300 secured vaults with over 3,000 armored transportation vehicles. The company was founded in 1985 and services several Fortune 500 companies, governments and humanitarian organizations.

Exclusively Listed By

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