NEW YORK—Path Land Holdings LLC has acquired a 47-property, net-leased bank branch portfolio in the New York City metro region for approximately $97 million. The 157,000-sq.-ft. portfolio of properties is all triple-net leased to Citibank under a long-term lease agreement.
Savills LLC, a real estate investment banking firm, has advised a private Irish investment group on its sale of the portfolio, which includes properties in Manhattan, the Bronx, Brooklyn, Queens, Staten Island, Westchester, Suffolk and Nassau counties.
“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.