A Closing to Bank On
 Capital Pacific is pleased to announce its first buy-side closing of 2009. The property is a Wells Fargo bank, located in Grand Prairie, TX. Wells Fargo is on a 20-year ground lease and located in a secondary market. The property closed in just 45 days…at a 5.75% cap.The buyer of this asset was a California-based financial services executive who was very sensitive and knowledgeable about credit ratings, which is why he chose this asset. This is indicative of the “flight to quality” strategy that is flourishing in the current market. Another interesting deal point is that the buyer obtained a 20-year fully amortizing loan at 7.5%. You may want to “bank” on Capital Pacific to get things done in today's market! |