After it was initially placed up for sale with an asking price of $149.5 million, a Chase Bank-leased portfolio in Northern and Southern California has sold for $138 million, according to a report from The Real Deal, which first reported on the story.
The portfolio, which consists of 22 net-leased bank sites and totals 251,996 square feet, was sold by MetLife Investment Management, The buyer in the deal was global institutional banking firm J.P. Morgan Chase. MetLife was represented in the deal by CBRE’s SoCal Investment Sales & Leasing Advisory and Services Team, which includes Bill Durslag, Dan Riley, Simon Mattox, Austin Wolitarsky and Kyle Woods.
A closing announcement for the portfolio from CBRE also shows that the sale included 10 sites in Northern California and 12 sites in Southern California.
The properties are located throughout the state, with addresses in Southern California including 2121 and 2103 Torrance Boulevard in Torrance; 24000 Valencia Boulevard in Valencia; 2398 Sycamore Drive in Simi Valley; 60 East Huntington Drive in Arcadia; 449 North La Brea Avenue in Los Angeles; 2270 Huntington Drive in San Marino; 401 East Valley Boulevard in Alhambra; 8450 Firestone Boulevard in Downey; 15625 Whittier Boulevard in Whittier; 7964 Beach Boulevard in Buena Park; 101 South Harbor Boulevard in Anaheim; and 2713 Hawthorne Boulevard in Rolling Hills Estates.
In Northern California, addresses include 540 Colusa Avenue in Yuba City; 2750 Van Ness Avenue in San Francisco; 1535 Tiburon Boulevard in Tiburon; 270 East 18th Street in Oakland; 98 West Portal Avenue in San Francisco; 1188 El Camino Real in Burlingame; 38980 Fremont Boulevard in Fremont; 20573 Stevens Creek Boulevard in Cupertino; 2670 Berryessa Road in San Jose; and 1402 Lincoln Avenue in San Jose.
The properties were initially placed up for sale in August of 2022 being owned by MetLife for multiple decades. At that time, MetLife Investment Management aimed to sell the portfolio for a total of $149.5 million, with options to sell portions of the property to multiple investors. Should that have been the case, the Southern California portfolio could have been acquired for $87.1 million, while an additional buyer could have acquired the Northern California bank sites for $62.4 million, according to previous reporting from The Registry.