A retail space in Hawthorne, Calif. has recently been placed on the market, offering 12,919 square feet of space occupied by Bank of America. According to the listing by Faris Lee Investments, the property is being offered at $11.12 million, or about $861 per square foot.
The property is located at 12547 Hawthorne Boulevard on just over an acre of land. Built in 1953, property records show the building last traded hands in 2013 when it was acquired by an entity associated with Irvine-based ValueRock Realty for just over $1 million.
Bank of America has been at the property as its sole tenant since 2012 and currently has a remaining lease term of just under six years. Currently, existing rent at the property is $0.49 per square foot per month. However, a new buyer would have the opportunity to up rents through three five-year lease extensions.
Founded 70 years ago, Bank of America has a long operating history across the United States. The tenant currently holds a market capitalization of $312.6 billion, according to Faris Lee Investments. At the Hawthorne location, Bank of America has seen $282 million worth of branch deposits.
The Bank of America location is situated in the center of Hawthorne community, southwest of downtown Los Angeles. The property is immediately across from the Hawthorne City Hall at the busy intersection of Hawthorne and El Segundo Boulevards. According to the listing, the two streets see more than 69,000 vehicles per day. In addition, the property is also within close proximity to Interstates 405 and 105, providing immediate access to the rest of the Greater Los Angeles area.
The Hawthorne community is also home to a large population, with top employers in the area including Tesla, SpaceX, Costco and the Hawthorne School District. According to the offering memorandum, the five mile radius surrounding the property is home to about 707,000 people. In addition, those living within a five-mile radius earn an average household income of $104,000 per year.
