Markland Pays Over $87M for Citibank Portfolio

[IMGCAP(1)]NEW YORK CITY-An Dublin-based investment group has purchased a portfolio of 47 Citibank branches scattered across the New York City metro area. The purchased price is $87.5 million, according to sources close to the deal. As GlobeSt.com exclusively reported in October, the sale-leaseback transaction was on the market through locally based Newmark Knight Frank, and was comprised of 157,312 sf.

Savills Granite, a locally based investment banking firm, who represented the buyer, would not comment on the identity of the investment group. However, Kenneth Zakin, senior managing director of NKF, who headed the sales team, and worked in cooperation with Citigroup Global Markets, Citigroup’s investment banking division, confirms to GlobeSt.com that the buyer is Dublin-based Markland Holdings Ltd., a company backed by Irish developers Paddy Kelly and Sean Mulryan.

[IMGCAP(2)]Of the 47 properties, which range in size from 2,000 sf to 8,000 sf, 20 are in Nassau, eight are in Suffolk, three are in Queens, four are in Brooklyn, three are in the Bronx, three are in Statin Island, five are in Westchester and one is in Upper Manhattan. Markland Holdings has agreed to lease the properties back to Citibank N.A. on a 15-year lease.