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Coronado Bank of America

1199 Orange Avenue
Coronado, CA 92118
Availability: Close of Escrow:12/11/2015 Size:20,640 SF
Shipping: This fully-leased, mixed-use retail and office building is the home of the Coronado branch of Bank of America, who has been operating out of the space since 1983 and has more than 37 years left of term (including options).
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Description

Agents

BEN TASHAKORIAN | FIRST VICE PRESIDENT


Senior Director: Institutional Property Advisors (IPA)
License: CA 01333884
Dir: (858) 373-3176
Fax: (858) 373-3110
btashakorian@ipausa.com

Description

Marcus & Millichap sold the Coronado Bank of America Building, located at 1199 Orange Avenue in Coronado, CA. This fully-leased, mixed-use retail and office building is the home of the Coronado branch of Bank of America, who has been operating out of the space since 1983 and has more than 37 years left of term (including options). Above the Bank of America is 3 office tenants, making the entire property 100% occupied. Included in the offering is an 94-space parking garage that is gated and available to be rented out for additional income.

Coronado, CA is a very affluent resort city located in San Diego, with very strong ties to the US Navy. Coronado has a population of approximately 25,000 people, but sees more than 2 million tourists visit each year to many of the city’s illustrious hotels including Loews Coronado Bay Resort, Coronado Island Marriott and most famously, Hotel Del Coronado (or simply “The Del”). The Hotel Del Coronado itself brings in over 500,000 guests per year and is located just two blocks from the subject property. In addition to the bustling tourism economy, Coronado’s Orange Avenue is the main thoroughfare for retail shops and restaurants in the area, making the subjects location one of the most desirable locations on the island.

Features

  • Irreplaceable Coronado Trophy Asset
  • Fully Leased Retail & Office Building with Bank of America Leasing
  • 57% of the RBA on a NNN Lease Until 2053 (Including Options)
  • Building Price Per SF is 50% of Comparable Set
  • Attached Four-Story, Gated Parking Garage with 94 Covered Spaces
  • Additional Income Potential Available by Leasing Parking Garage

Net Rentable Area

20,640 SF

Land Area

.80 Acres

Floors

3

Parking Type

Four-Story Covered Parking

Parking Spaces

94

Year Built

1983

Details

  • 22932153
  • Office
  • Close of Escrow:12/11/2015 Size:20,640 SF
  • New

Shipping Information

  • Item Requires Shipping
  • This fully-leased, mixed-use retail and office building is the home of the Coronado branch of Bank of America, who has been operating out of the space since 1983 and has more than 37 years left of term (including options).

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