JLL Capital Markets closed the sale of the 7,986-square-foot Citibank in San, Jose California
News release
16 February 2023
$4.4M sale of triple-net-leased bank in California closes
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SAN FRANCISCO, Feb. 16, 2023 – JLL Capital Markets announced today that it has closed the $4.4 million sale of 3510 Leigh Avenue, a 7,986-square-foot, single-tenant building that is triple net leased to Citibank and located in San Jose, California.
JLL represented the seller and procured a private capital exchange buyer in the transaction.
The property is 100-percent leased to an investment grade tenant, Citibank, which has six years of lease term remaining.
3510 Leigh is ideally positioned within a popular neighborhood center, featuring Home Depot, Target, TJ Maxx & HomeGoods and 24 Hour Fitness. Additionally, the property is less than seven miles to downtown San Jose and offers convenient access to both Interstate 280 and 880.
The JLL Retail Capital Markets Investment Advisory team was led by Managing Director Eric Kathrein, Associate Warren McClean and Analyst Andrew Spangenberg.
”3510 Leigh represented an outstanding opportunity to acquire a net-leased asset with investment grade tenancy in the coveted San Jose market,” McClean said. “This was a very competitive marketing process with multiple offers. It demonstrates the continued demand we are seeing for quality single tenant net leased properties, especially from private capital investors.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.