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Monterey Park, CA NNN Lease, 2-Story Office Bldg (Bank of the West)
OFFERING PRICE: $59,220,000
NNN LEASE INVESTMENT OPPORTUNITY
MONTEREY PARK, CA
TWO STORY OFFICE BUILDING
205,628 SF NRA 15.83 ACRES
7 YEAR NNN LEASE
Location
1977 Saturn Street
Monterey Park, California 91755
New Absolute NNN Lease Investment Opportunity
Bank of the West1977 Saturn Street
Monterey Park (Los Angeles County), CA 91755
Building: A build-to-suit, two-story, glass and steel office building containing 205,628-sf of NRA, completed in 1980 and situated on 15.83 acres (14.681 usable acres). Based on the current Floor to Area ratio of 32%, an estimated three acres of excess land is available. The improvements function as Bank of the West’s centralized operations/service center supporting approximately 100 bank branches in Southern California, and it also houses the Bank’s data center. The improvements include numerous security features, extensive landscape, and a full-service cafeteria with full kitchen. On-site surface parking is available for 833 vehicles (4.1 per 1,000- sf of NRA). Surrounding uses include a 414,000-sf office/service center owned and occupied by Union Bank situated across Saturn Street.
Tenant: Headquartered in San Francisco, Bank of the West is the second largest commercial bank based in California, and the third largest in the West. They provide a wide range of financial services to both consumers and businesses through a network of 700 branch banking locations and commercial banking offices. Bank of the West is rated “AA-” by S&P, and “Aa3” by Moody’s. The Bank is a wholly owned subsidiary of BNP Paribas, a global financial institution with an “AA” S&P AA rating.
Strategically Located: The property is located six miles East of the Los Angeles CBD, 25 miles NE of the LA International Airport, and off State Route 60 (Pomona Freeway) within the McCaslin Business Park. Immediate neighborhood is characterized by favorable demographics, strong income characteristics, rising rental rates, and excellent access to major thoroughfares. Barriers to entry are high based on scarcity of developable land. Overall vacancies for the West San Gabriel Valley submarket are estimated at 6.4%, while rental rates average $23.28-psf and continue to climb due to limited office space and filling vacancies.
Lease Term: Seven years (matures June 30, 2014) with one, threeyear renewal option followed by four, five-year renewal options. Lease Type: Absolute NNN. No Landlord responsibilities whatsoever. Annual Net Income: $3,701,304 ($18.00 psf) with annual increases based on the lower of CPI or 2.5% during the base term and first renewal period and Fair Market Rent for the next four renewal options. Contact Person's Name: James Jarrell
Contact Phone Number: +1 702-882-8657
Contact E-mail address: jjarrelldlgrealty@yahoo.com
Brokerage Name: DLG Realty and Investments
Submitted by: admin
Property ID Number: 60
Property ID Name: Bank of the West Building
Added: Fri May 09 2008
