"It was a huge undertaking getting that many [sales] going at once," CBRE retail investment sales specialist Don LeBuhn tells GlobeSt.com. "But they were the best locations so the intrinsic value was there and even though it took a long time to close deals due to the deteriorating economy [which took Citibank's stock price from $19 to less than $1 while the properties were on the market] the buyers stuck with their prices, with most using 50% bank financing."

The bank branches range in size from 3,000 square feet to 7,000 square feet and are located in several Bay Area markets including Burlingame, San Mateo, Los Altos, Palo Alto, San Jose, Santa Clara and Sunnyvale. One of the two remaining properties, a branch in Millbrae, closed last week at a 6.5% cap rate. The other should be under contract within a week or so, also at a sub 7% cap rate, says LeBuhn, a vice president with CBRE's private client group.

All of the transactions were under $5 million, where LeBuhn says there is "tremendous velocity" because thanks to a lot of people who have $1 million or $2 million to invest and have not done well in the stock market in recent years. "They're thinking I can put this down on a piece of real estate that has built-in annual rental growth and a steady income-producing tenant," he says.