Wednesday, September 17, 2008

Citibank Seeking Sale Leaseback of 18 Bay Area Bank Branches

Silicon Valley / San Jose Business Journal - September 15, 2008

Citibank, the retail banking operation of financial services giant Citigroup Inc., has put 18 Bay Area branch locations on the market.

The locations for sale -- which include sites in Burlingame, San Mateo, Los Altos, Palo Alto, San Jose, Santa Clara and Sunnyvale -- are exceptional, said retail broker Don Tepman.

“Most, if not all, of these properties are very well located and I consider them to be among the Bay Area’s top real estate sites for retail,” Tepman said. “Rarely do we see product of this quality with such strong credit tenant backing.”

Citibank is offering to sell the locations and to sign 10-year leases plus options, according to an offering document. The company is promising annual 3 percent rent increases. The sites are for sale individually and en masse.

Citi has retained CB Richard Ellis to handle the offering. Sphere: Related Content

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