Case Study
Representation: Buyer
The building was marketed a NNN deal with little lease term left. Our team was able to work with buyer group and beat out multiple other buyer groups who were even at the same terms or better. We secured the transaction ahead of competing buyer groups due to our strong rapport with the seller’s broker and our status as end-users.
One of the key things about this transaction is that since our client intended to use the building and not just cash flow off of the Bank of America NNN income, we had to ensure we worked with BOA during escrow to receive notice that they would indeed be vacating at the end of their lease term and not renewing.
We closed on the building, and Bank of America is still paying rent until June of 2024 which is great because it has allowed our client to do building studies and submit their construction plans the the city while they still are receiving monthly rental income on the building.
Other unique things:
- Even though we are going to convert the building to a Zippys location, BOA still wants to keep an ATM on site here somewhere so that is going to allow our client to operate in the building and still receive rental income on an ATM.
- While in escrow, we confirmed that the parcel is overparked for the current building configuration so Zippys is going to be able to expand the building and create a larger foot print. Pretty cool.