Hanley Investment Group Real Estate Advisors recently arranged the sale of a 2015-new construction, single-tenant property occupied by Bank of America in Palm Desert. The sale price was reported to be $2,875,000 for the absolute triple-net ground lease and achieved a record low cap rate for a California Bank of America sale in 2023.
Bill Asher and Jeff Lefko from Hanley Investment Group represented the seller – a private investor based in Los Angeles – while Tyler Rollema from The Klabin Company acted on behalf of an all cash buyer who was participating in 1031 exchange and resided close to the property.
Rollema commented: “We generated multiple qualified offers within initial weeks after launching formal marketing efforts which allowed us to negotiate with an expedited due diligence period that commenced from signing letter intent thus providing higher level certainty about buyer’s commitment towards purchase.”
This transaction marks yet another successful completion at record low cap rate for Hanley Investment Group Real Estate Advisors as well as setting new benchmark standards across California’s real estate market.
