CBRE Arranges Sale of Five San Diego Bank Branches

CBRE facilitated the $19.25 million sale of five bank branches across San Diego County and in Brawley, Calif. These sales totaled 39,331 sq. ft. CBRE's Michael Peterson, Reg Kobzi and Joel Wilson represented the seller, Union Bank, on the transactions.

"As banks continue to evaluate real estate on their balance sheets, it is important to analyze each asset individually," said Mr. Peterson. "Each of these five bank branches had a different business plan and took strategic underwriting to attract a buyer who could deliver the highest and best use for the site."

Two branches are in San Diego, one near Ocean Beach at 1858 Cable St. and the other at 6010 El Cajon Blvd. Built in 1964, the Cable Street branch is a 5,379-sq.-ft. building located on the southeast corner of Cable Street and Newport Avenue, just blocks from the beach. The El Cajon branch is 12,422 sq. ft., located on the northwest corner of El Cajon Boulevard and 60th Street, near the San Diego State University campus.

The third location is in Lemon Grove, located at 3285 Lemon Grove Ave. The branch, built in 1975, is situated on the southeast corner of Lemon Grove Avenue and Golden Avenue, in the center of the community's business district.

Two branches are located south of San Diego. One in Imperial Beach at 900 Palm Ave., and one in Brawley, Calif., at 290 Main St. The 4,751-sq.-ft. branch in Imperial Beach was built in 1996 and is situated on the northeast corner of Palm Avenue and Ninth Street. The 9,461-sq.-ft. branch in Brawley is in the downtown commercial district on the corner of Main Street and Third Street.

"Whether owner-user, redevelopment or adaptive reuse of the existing structure-our utilization of multiple product lines when marketing allowed the bank to achieve the highest value per asset as opposed to packaging as a portfolio," added Peterson. "We expect to see more opportunities like this in the market as banks and users evaluate next steps with their real estate, be it sale-leaseback or disposition."