The properties are located in Manhattan, the Bronx, Brooklyn, Queens, Staten Island, Westchester, Suffolk and Nassau counties, all established communities with household incomes significantly above the national average.
"Net-leased properties are among the most highly coveted asset class in today's capital market environment," said Arthur Milston, managing director of Savills.
"This transaction offered a unique opportunity to acquire an assembled portfolio of assets with significant critical mass in the most dynamic and sought-after real estate market in the world.
"By leveraging our deep understanding of the real estate capital markets and our extensive relationships throughout the investor community," he said, "Savills generated significant competition for the portfolio and maximized proceeds for the seller."
Milston also noted that the Citibank leases include an annual rent increase and that the portfolio was sold free of debt or mortgage financing.
"Because of the annual rent increases and because of the buyer's ability to finance the acquisition at historically low interest rates, the buyer was able to enhance their overall return on equity," said Milston. "This transaction delivered tremendous value for both buyer and seller."
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