A single-tenant, 17.6k sf freestanding property fully occupied by Bank of America in San Antonio, TX sold for $3.225 mil ($183/sf) in an off-market transaction. The deal had a closing cap rate of 6.4%.
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 NNN lease term by seven years.
Patrick Luther, Matthew Mousavi and Chris Edwards with SRS’ National Net Lease Group 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 property is within an extremely affluent community of Alamo Heights, which has an average annual household income of $190k. Situated along Broadway St and near the intersection of State Hwy 368, the property is nearby a number of national retailers including Walmart, Target, Petco, Ross, and McDonalds, among others.