Kunofsky and Glass of Marcus & Millichap rep seller in $2.3 million sale

Marcus & Millichap Real Estate Investment Services has arranged the sale of Regions Bank, a 3,532 s/f net-leased property, according to J.D. Parker, VP and regional manager of the firm's Manhattan office. The asset commanded a sale price of $2.3 million. Glen Kunofsky, executive VP investments in the firm's Manhattan office, and John Glass, SVP investments in the firm's San Francisco office, represented the seller. The buyer, a private investor, was represented by Peter Von Der Ahe, first VP investments, Scott Edelstein, VP Investments, and Judson Kauffman, an investment specialist also ithe firm's Manhattan office. Kirk Felici, first VP and regional manager of the firm's Miami office, was the broker in this transaction. Regions Bank is located at 2200 Aloma Avenue and is situated on approximately 1.02 acres and is comprised of roughly 3,532 s/f of building space. The subject property is located in a strong retail corridor, surrounded by an excellent mix of national tenants, and benefits from its visibility and exposure to significant daily traffic patterns. There are roughly 10.25 years remaining on a 20-year absolute triple-net lease with no landlord responsibilities. "This transaction represents the firm's ability to exchange properties between institutional sellers and private investors with capital that are eager to invest in the net lease market," said Kauffman.