By: Ezekial Duprey | Vizzda
Six Arizona BMO Harris Bank locations recently transacted in a sale-leaseback portfolio deal with Los Angeles based investment firm Corporate Partners Capital Group. Four of the six Arizona properties are located in the Phoenix Metro area, the other two are located in Sedona and Tucson respectively. The Phoenix properties will be leased back with a ten-year primary period that will run through the end of September 2024, then have eight successive five-year options to renew. This local transaction summary is just a portion of the larger 21 property national BMO portfolio that was brokered Chicago based Jones, Llang and LaSalle.
Six Arizona BMO Harris Bank locations recently transacted in a sale-leaseback portfolio deal with Los Angeles based investment firm Corporate Partners Capital Group. Four of the six Arizona properties are located in the Phoenix Metro area, the other two are located in Sedona and Tucson respectively. The Phoenix properties will be leased back with a ten-year primary period that will run through the end of September 2024, then have eight successive five-year options to renew. This local transaction summary is just a portion of the larger 21 property national BMO portfolio that was brokered Chicago based Jones, Llang and LaSalle.
The four valley locations total nearly 17,000 square feet, deeded for $9.3 million, and are located at:
I-17 & Bell Rd: 2839 W Bell Rd, Phoenix. The 3,951 sq ft freestanding PAD branch is located in a Fry’s Supermarket anchored neighborhood shopping center.
19th Ave & Dunlap: 9050 N 19th Ave, Phoenix. Freestanding 4,392 sq ft bank branch with a 3 lane drive thru and ATM.
Priest & Broadway: 2077 S Priest Dr, Tempe. Freestanding 4,493 sq ft bank branch with a 2 lane drive thru and ATM.
Scottsdale & Thunderbird: 7138 E Thunderbird Rd, Scottsdale. Freestanding 4,339 sq ft branch location with a 3 lane drive thru and ATM located in a Smart & Final anchored neighborhood shopping center near Scottsdale Municipal Airport.
These four locations were formerly operated by Marshall & Iisley Bank until the summer 2011 acquisition of M & I Bank by BMO Harris.
Corporate Partners Capital Group specializes in single tenant, net leased commercial real estate. The firm entered the Arizona real estate market with a September 2003 purchase and sale leaseback deal with O’Reily Auto Parts.
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