Bank of America
Bank of America
Marketing description
Newmark Pacific Capital Markets is pleased to present to qualified investors the opportunity to acquire a single tenant absolute NNN Bank of America consisting of 13,548 square feet on a large 0.74-acre parcel. The value proposition for an investor and/or owner-user is the ability to mark Bank of America to market rent in 2.5 years. Currently paying $6.43 per square foot annually in a market supporting rents of $60-72 per square foot, makes this an intriguing and unique opportunity in a high barrier to entry, affluent, and highly educated submarket.
Claremont is known for being home to several esteemed private colleges and universities, which includes Pomona College, Claremont McKenna, Harvey Mudd, Scripps College, Pitzer College, Claremont Graduate University, and Keck Graduate Institute. These institutions are some of the most competitive and selective universities in the country, with four of the five undergraduate colleges being the most selective in the US by acceptance rate, and the remaining college, Scripps, had the second lowest acceptance rate among women’s colleges.
Investment highlights
Under Market Rent | Fair Market Options
Bank of America is currently paying $6.43 per square foot annually, $0.54 per square foot monthly
Lease expires in January 2028, providing immediate mark-to-market opportunity or potential redevelopment opportunity
Market rents in the submarket of Claremont continue to grow and can be $60-$72 per square foot depending on use and location within Claremont Village
Strong Credit Tenant | Significant Deposit Base
Bank of America is the nation’s leading financial institution with a market cap of $299.37 Billion
Long term occupancy
Huge deposit base at this location, currently holding over $479,000,000 – far above the national median of $50,000,000
Potential Owner-User | Redevelopment
Located in the Claremont Village, a consortium of 150 shops, restaurants, and art galleries that is considered the epicenter of the community and student body
Property consists of two parcels, totaling 0.74 acres, with the potential to expand the existing improvements and/or redevelop into a state-of-the-art mixed-use project
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
