401 Broadway
Santa Monica, CA 90401
Capital One Bank - Offers Due Feb. 23, 2017 · Retail Property For Sale

CBRE is pleased to exclusively offer for sale a trophy, single-tenant net-leased Capital One Bank Branch in the heart of Downtown Santa Monica. This prime, passive investment offers the in-place security of a corporate guarantee from Capital One, National Association (NYSE: COF): a financial corporation with assets in excess of $334Billion (2015) and a #112 ranking on the Fortune 500. The newly constructed building has a newly commenced 15 year initial lease term plus 3 options to renew for 5 years each. The property also boasts attractive 10% rental increases every 5 years during the initial term and option periods, which generates steady NOI growth and hedges against inflation. The NNN lease also has limited landlord obligations (foundation, roof, and structure) which is mitigated by the ground up construction and contractor warranties. The property' s location is located at ground zero of one of the most sought after real estate sub-markets in the country. Situated at the northeast signalized corner of Broadway and 4th Street, the property is situated only 1 block from the Santa Monica Place Mall, the 3rd Street Promenade, and Metro' s Expo Line station at 4th Street and Colorado, and numerous boutique and international retailers, businesses, and restaurants. The site is also surrounded by thousands of residential units and new mixed-use developments. Downtown Santa Monica is also one of the highest barrier to entry markets in Southern California. This Capital One Bank Branch development by-right took almost 2.5 years to entitle and build. This strategic site is set to be one of Capital One' s premier flagship banking branches.