Union Bank has sold five bank branches, most of them in San Diego County, for $19.25 million, according to a real estate brokerage.
The sites, which total 39,331 square feet, include San Diego branches in Ocean Beach and near Rolando Village, and two others locally, in Imperial Beach and Lemon Grove. The final site is in Brawley in Imperial County.
Michael Peterson, Reg Kobzi and Joel Wilson of CBRE represented the bank in the transactions. The firm did not identify the buyers.
“As banks continue to evaluate real estate on their balance sheets, it is important to analyze each asset individually,” Peterson said. “Each of these five bank branches had a different business plan and took strategic underwriting to attract a buyer who could deliver the highest and best use for the site.”
Peterson added that his firm expects “to see more opportunities like this in the market as banks and users evaluate next steps with their real estate, be it sale-leaseback or disposition.”
The branch locations:
- Ocean Beach, 1858 Cable St., built in 1964, 5,379 square feet.
- Near Rolando Village, 6010 El Cajon Blvd, 12,422 square feet.
- Lemon Grove, 3285 Lemon Grove Ave. built in 1975.
- Imperial Beach, 900 Palm Ave., built in 1996, 4,751 square feet.
- Brawley, Main and Third streets, 9,461 square feet.