An affiliate of Optimus Properties, LLC has closed on its purchase of a commercial property leased to a Bank of America branch in Santee, CA – a suburb of San Diego. The branch is 7,000 sq. ft. on its ground floor, and sits on a standalone pad-site of 40,000 sq. ft. The site is connected to the main access road via three separate entrances and is an out-parcel to the larger Plaza De Cuyamaca Shopping Center, which houses a: Grocery Outlet, Petco, BevMo, 99¢ Store, McDonalds, KFC, and other small shops.
The site is located at the corner of the heavily trafficked Mission Gorge and Cuyamaca Street intersection, where Bank of America has been a tenant at the location since 1972. The dense residential demographics surrounding the property create substantial demand for a bank site, and as such the branch has considerable deposits drawn mainly from the surrounding area. Bank of America is also reportedly planning on renovating the branch in the near future.
“This deal is a deviation from our typical transaction types which are usually geared towards immediate value-add components. However, with a going in cap rate just shy of 6%, combined with the credit worthiness of Bank of America and the fact that the property has a drive-through, this deal was a very exciting opportunity for us.” said K. Joseph Shabani, Principal at Optimus Properties, LLC.
Optimus and its affiliates have been aggressive in expanding their Southern California footprint, diligently looking to add additional product types to their portfolio, including out-parcels, industrial sites, and distressed notes.
About Optimus Properties, LLC