SRS Real Estate Partners’ National Net Lease Group has completed the $3.225 million off-market sale of a single-tenant 17,633-square-foot freestanding property fully occupied by Bank of America in San Antonio, TX. Built in 1980, the property is located on 1.06 acres at 5201 Broadway Street. The asset is corporate guaranteed by Bank of America who recently extended its triple-net lease term by seven years.
SRS’ National Net Lease Group Managing Principals Patrick Luther and Matthew Mousavi and Senior Associate Chris Edwards represented the seller, an LLC controlled by New York-based The Feil Organization in cooperation with the seller’s in-house representation, Randall Briskin. The buyer was a private investor. The closing cap rate was 6.4 percent.
“SRS was able to deal-match this asset with a buyer via our exclusive investor database in this off-market transaction,” said Edwards. “This Bank of America branch is the 5th highest in the county for deposits and is in an ideal, highly visible location in a busy retail corridor an a dense surrounding population.”
The property is within an extremely affluent community of Alamo Heights which has an average annual household income of $190,000. Situated along Broadway Street and near the intersection of State Highway 368, the property is nearby a number of national retailers including Walmart, Target, Petco, Ross, and McDonalds, among others.