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Bank of America Escondido

220 S Escondido Boulevard
Escondido, CA
Availability: Price:$4,125,000 Size:20,913 SF
Shipping: Marcus & Millichap is pleased to present 220 S Escondido Blvd, a net-leased retail building home to Bank of America.
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Description

Agents

BEN TASHAKORIAN | SENIOR MANAGING DIRECTOR INVESTMENTS


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

Description

Marcus & Millichap is pleased to present 220 S Escondido Blvd, a net-leased retail building home to Bank of America. This 20,913 square foot offering is situation at the corner of S Escondido Blvd and W 2nd Avenue in Downtown Escondido. The property is 100-percent leased to Bank of America, will sign a brand-new 5-year lease with options extending the lease through 2053. The offering has six, 5-year renewal options, followed by a final renewal option period that expires on June 30th, 2053, with the first option period having a 10% increase and 5% increases in the remaining options. The offering has below market rents, allowing for an investor to acquire a property with a long-term stable tenant, while still leaving upside for rental increases in the future when the rent can return to market.

Features

  • NNN-Leased, Freestanding Bank of America Building
  • Located in Downtown Escondido on Signalized Intersection
  • enant to Sign Brand-New 5-Year Lease At Close of Escrow with Options Extending through 2053
  • 10% Increase during First Option Period (5% in Remaining Options)
  • Below Market Rents
  • Expansive 1.28 AC Lot

Sale Date

7/11/2017

Cap Rate

4.50%

Tenant

Bank of America

Year Built

1978

Lease Term

5-Year Lease with 6, 5-year Options

Details

  • 22932238
  • Retail
  • Price:$4,125,000 Size:20,913 SF
  • New

Shipping Information

  • Item Requires Shipping
  • Marcus & Millichap is pleased to present 220 S Escondido Blvd, a net-leased retail building home to Bank of America.

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