Thursday, December 10, 2015

BB&T Bank in Fort Lauderdale, FL Sold for $7.1 Million in Deal Handled by Marcus & Millichap

Richard Moravek
FT. LAUDERDALE, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of BB&T Bank, a 2,636-square foot net-leased property located in Ft. Lauderdale, Fla. The asset sold for $7,100,000 equating to $2,693 per square foot.

Richard Moravek, a senior associate in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Syosset, NY.  The buyer was a private investor from Boca Raton, Fla.

“Single-tenant properties remain in strong demand, and compressed cap rates have driven prices higher for prominent properties,” says Moravek  “This was an opportunity to acquire a desirable asset in a trophy location with just under 10 years left on the base lease.”

Built in 2007 on a 0.88-acre lot, BB&T Bank is located east of Federal Highway (US-1) at 900 SE 17th Street. The BB&T Corporation (Branch Banking & Trust) is one of the largest financial services holding companies in the United States.

For a complete copy of the company’s news release, please contact:

Ryan Nee
Regional Manager
 Fort Lauderdale, FL
(954) 245-3400

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