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 4Yrs

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