Optimus Properties, LLC and Affiliate Acquire Commercial Asset Leased by Bank of America

THE ANGEL, May 20, 2021 / PRNewswire / – A subsidiary of Optimus Properties, LLC has completed the purchase of a commercial property leased to a Bank of America office in the United States Santee, CA. – a suburb of San Diego. The branch is located on the ground floor on an area of ​​7,000 square meters and is located on a separate pad area of ​​40,000 square meters. The site is connected to the main access road via three separate entrances and an annex to the larger Plaza De Cuyamaca shopping center, which houses a grocery store, Petco, BevMo, a 99 ¢ store, McDonalds, KFC and other small shops.

The location is on the corner of the busy intersection of Mission Gorge and Cuyamaca Street, where Bank of America has been a tenant since 1972. The dense residential structure around the property creates significant demand for a banking location The branch has significant debris, mostly from the surrounding area. Bank of America also reportedly plans to renovate the branch in the near future.

“This deal is a departure from our typical transaction types, which are usually geared towards components with immediate added value. With a cap rate of just under 6%, combined with the creditworthiness of Bank of America and the fact that the properties have a drive through, this deal was a very exciting opportunity for us. “said K. Joseph Shabani, Principal at Optimus Properties, LLC.

Optimus and its subsidiaries have aggressively expanded their activities Southern California Footprint that is diligently trying to add other product types to its portfolio, including out-parcels, industrial sites and distressed banknotes.

About Optimus Properties, LLC

Optimus Properties, LLC is headquartered in Los Angeles, Californiaand deals with the acquisition, development, leasing and management of multi-family, retail and commercial properties. The company has a disciplined investment approach geared towards creating value and preserving capital. The company’s investments are characterized by direct equity participation and a significant contribution from the company’s capital. The company’s current portfolio includes retail, office, medical practice and apartment buildings in California, Washington, and New Mexico.

SOURCE Optimus Properties, LLC