Monday, October 01, 2007

Citibank Seeking Sale Leaseback on 47-Bank Branches in the New York City Metro Area

GlobeSt - October 1, 20007

Citigroup Global Markets Inc. is marketing a 47-branch sale-leaseback transaction through locally-based Newmark Knight Frank. The properties, which comprise 157,312 sf, are all in the metro New York area and include locations in Manhattan, the Bronx, Brooklyn, Queens, Staten Island, Westchester, Suffolk and Nassau counties.

Kenneth Zakin, senior managing director of NKF, will head the sales team, working in cooperation with Citigroup Global Markets, Citigroup’s investment banking division. “The buildings are being offered as a package, or as individual properties, or broken up into several smaller portfolios,” Zakin explains, “and each of them are owned and solely occupied by a long-term net-leased Citibank retail branch.”

Zakin tells that there is no asking price for the portfolio as the deal will be conducted through a bidding process. The initial bids are scheduled to be collected by Oct. 9.

This is the second such offering Citigroup and NKF has brought to the market this year. In June, the team closed on the sale of a 23-branch, 217,000-sf Citibank portfolio, with properties centered in the New York City metro area.

“This is another very attractive portfolio for investors seeking multiple assets or 1031 exchange, as the properties are diversified by location within the strongest growth market in the US--and fully occupied on a long-term basis by Citibank, a company which is rated AA+ by Standard & Poor’s and Aaa by Moody’s,” Zakin remarks.

Zakin says that the properties range in size from 2,000 sf to 8,000 sf. He also details to that there are 20 properties in Nassau, eight in Suffolk, three in Queens, four in Brooklyn, three in the Bronx, three in Statin Island, five in Westchester and one in Upper Manhattan. Sphere: Related Content

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