Bank of America - Rio Rancho

4330 Picabo St NE Rio Rancho , NM 87144-0802

Bank of America - Rio Rancho - Office for sale

Download Offering Memorandum

Overview


JLL is pleased to offer the opportunity to acquire 4330 Picabo Street, Rio Rancho (Albuquerque), New Mexico, a ±76,768 square foot office building located on an oversized parcel of more than 14 acres. The Property is subject to a net lease to Bank of America with landlord responsibilities. This single-tenant net lease office provides the value-added benefit of stabilized cash flow with future development upside. Furthermore, Bank of America is paying a below-market and very competitive rental rate. These factors provide an investor with the ability to purchase the Property below replacement cost with cash flow stability, investment grade credit tenancy, and a variety of future upside positions. Bank of America is the 2nd largest bank in the United States with strong investment grade ratings.

Investment Highlights


  • The Tenant built the building in 1998. Bank of America first entered into a lease in 2008 and recently renewed their lease
  • Bank of America is an industry-leading, investment-grade tenant (S&P A-, Moody's A3)
  • Bank of America is ranked 24 on the Fortune 500 list
  • The building will sell below replacement cost and has a large 8.5/1,000 parking ratio
  • The roof was replaced in 2011 and HVAC systems shortly thereafter
  • The Property is a rare value-add net lease opportunity with an oversized parcel for future development
  • There are highly desirable lease fundamentals with the Tenant handling all management and expense responsibilities
  • There is strong momentum in greater Albuquerque and the Rio Rancho market


General
Property Type Office
Property Subtype Business Park
Tenure Type Sale / Purchase
Property Address 4330 Picabo St NE, Rio Rancho, NM 87144-0802
Building Size 76,768  ft2
Year Built 2008
Financial
Price $10,950,000
Cap Rate 8.06%
Current NOI $882,832.00
Lease
Tenant's Name Bank of America, National Association
Credit Rating (S&P) A-
Annual Rent $882,832.00
Lease Expiration Date 10/31/2023
Remaining Term 4.2Yrs

Other properties you may be interested in

  • 10490 Shelbyville Road - CVS
    10490 Shelbyville Road - CVS
    10490 Shelbyville RdLouisville, KY 40223-3120
    Type(s):     Retail
    Deal Type(s):     Sale / Purchase
    Price ($USD):     4,510,000
    Space Available:     9,750 ft2
  • 1165 N. Clark Retail Vertical Subdivison
    1165 N. Clark Retail Vertical Subdivison
    1165 N Clark StChicago, IL 60610-2702
    Type(s):     Retail
    Deal Type(s):     Sale / Purchase
    Price ($USD):     Confidential
    Space Available:     18,100 ft2
  • 1702 Avenue U - Brooklyn, NY
    1702 Avenue U - Brooklyn, NY
    1702 Avenue UBrooklyn, NY 11229-3812
    Type(s):     Retail
    Deal Type(s):     Sale / Purchase
    Price ($USD):     Confidential
    Space Available:     6,400 ft2
  • 24 Hour Fitness - Dallas, TX
    24 Hour Fitness - Dallas, TX
    2300 Fort Worth AVEDallas, TX 75211
    Type(s):     Retail
    Deal Type(s):     Sale / Purchase
    Price ($USD):     13,616,000
    Space Available:     37,000 ft2
  • 2830 Mannheim Road
    2830 Mannheim Road
    2830 Mannheim RdFranklin Park, IL 60131-2222
    Type(s):     Retail
    Deal Type(s):     Sale / Purchase
    Price ($USD):     2,445,000
    Space Available:     4,275 ft2
  • 7-Eleven - Bradley Beach, NJ
    7-Eleven - Bradley Beach, NJ
    415 Main StBradley Beach, NJ 07720-1007
    Type(s):     Retail
    Deal Type(s):     Sale / Purchase
    Price ($USD):     1,645,000
    Space Available:     2,385 ft2