77.8 F
San Fernando
Wednesday, Oct 4, 2023

Bank Branches Sold in Portfolio Deal

Four Valley-area buildings leased by Bank of America Corp. for branch locations have been sold as part of a larger 115-property portfolio sale worth $485 million. A joint venture of New York real estate investment trust Gramercy Capital Corp. and Garrison Investment Group purchased the properties from an affiliate of Kansas City-based KBS Real Estate Investment Trust Inc. The company said 81 percent of the properties are leased to Bank of America as branch locations. Thirty-nine of the properties involved in the sale are in California. Locally, the properties are located at 839 Palmdale Blvd., Palmdale; 5025 Lankershim Blvd. in North Hollywood; 345 N. Brand Blvd. in Glendale; and 10300 Sepulveda Blvd. in Mission Hills. Gramercy said it will split the portfolio in two, retaining 67 of the core properties and placing the other 48 in a held-for-sale portfolio – mostly properties in secondary markets and non-core, multitenant buildings. Operations at the branches should not be affected, as Bank of America holds long-term leases at the locations.

Featured Articles

Related Articles