Fallbrook Bank Branch Fetches $1.2M

FALLBROOK, CA-A Fullerton retail facility that currently houses a Wells Fargo Bank branch has been sold in a deal valued at $1.2 million.

Wells Fargo Bank has been the sole occupant of the 4,700-sf building since it was constructed in 1983. The tenant’s lease term, which does have options for renewal, is set to expire next year. However, Ingold Family Limited Partnership chose to sell the facility due to “unresolved future plans for the tenant,” says Kraig Kristofferson, a CB Richard Ellis broker who worked on the transaction. The building, which stands on a 22,000-sf lot located at 212 S. Main St., was on the market for three months before buyer DEI LLC decided to purchase it. The LLC has acquired the building as a “purely speculative investment,” Kristofferson tells GlobeSt.com.