A 9,404 square foot retail asset occupied by Bank of America in Arcadia, Calif. has recently been placed up for sale. According to the listing by Faris Lee Investments, the bank is being offered at $16.2 million, or about $1,724 per square foot.
Located at 1234 S. Baldwin Ave., the property has been occupied by Bank of America since it was built in 1949. As well as its banking services, the property also offers 73 parking spaces and a lot size of 0.79 acres. Public records show that the property is currently owned by ValueRock Realty, after acquiring it in 2013 for an undisclosed price.
Bank of America is currently operating on a 15-year lease, which is set to expire in 2028, according to the offering memorandum. The lease also offers 3 percent rent bumps to hedge against inflation.
Overall, Bank of America maintains 4,200 locations across the United States with approximately 16,000 ATMs. The company has a long history at its Arcadia branch, and this year, saw $810 million worth of deposits.
This long history could be attributed to its central location in Arcadia’s prime trade area. The property sits adjacent to a Vons, Burlington and LA Fitness. The area is also serviced by Interstate 210, which directly connects to Pasadena as well as several other parts of the Greater Los Angeles area.
“Arcadia is a city in Los Angeles County, California, United States, located about 13 miles northeast of downtown Los Angeles in the San Gabriel Valley and at the base of the San Gabriel Mountains. It contains a series of adjacent parks consisting of the Santa Anita Park racetrack, the Los Angeles County Arboretum and Botanic Garden, and Arcadia County Park. The Arcadia Station, close to the city’s main commercial area, is part of the Foothill Gold Line from Pasadena to Azusa. The city had a population of 57,053 at the 2020 census,” the offering document states.