BCB sells Bayonne HQ, will lease it back

BCB Bancorp Inc., parent of BCB Bank, has sold its headquarters in Bayonne in a leaseback deal, it announced this week.

BCB’s facility, located at 591-611 Ave. C, includes executive offices, a bank branch and a parking lot. The bank said it anticipates a pretax gain of about $4.4 million on the sale to a local investor group.

The bank will lease the property back for an initial term of seven years, with four optional terms of five years each. The base rent will be $450,000, subject to an annual 2.5% increase.

BCB noted that it expects to offset the rental expense with the elimination of depreciation expense on the property.