47-Branch Citibank Retail Portfolio Up for Bids

Citibank

NEW YORK CITY-Citigroup Global Markets Inc. is marketing a 47-branch sale-leaseback transaction through locally-based Newmark Knight Frank. The properties, which comprise 157,312 sf, are all in the metro New York area and include locations in Manhattan, the Bronx, Brooklyn, Queens, Staten Island, Westchester, Suffolk and Nassau counties.

Kenneth Zakin, senior managing director of NKF, will head the sales team, working in cooperation with Citigroup Global Markets, Citigroup’s investment banking division. “The buildings are being offered as a package, or as individual properties, or broken up into several smaller portfolios,” Zakin explains, “and each of them are owned and solely occupied by a long-term net-leased Citibank retail branch.”

Zakin

Zakin tells GlobeSt.com that there is no asking price for the portfolio as the deal will be conducted through a bidding process. The initial bids are scheduled to be collected by Oct. 9.

Zakin explains to GlobeSt.com that Citigroup is committed to long-term occupancy of the locations but does not have the need to continue to own them. This is the second such offering Citigroup and NKF has brought to the market this year. In June, the team closed on the sale of a 23-branch, 217,000-sf Citibank portfolio, with properties centered in the New York City metro area.

“This is another very attractive portfolio for investors seeking multiple assets or 1031 exchange, as the properties are diversified by location within the strongest growth market in the US–and fully occupied on a long-term basis by Citibank, a company which is rated AA+ by Standard & Poor’s and Aaa by Moody’s,” Zakin remarks.