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| BankUnited Branch, Miami Beach, FL |
MIAMI BEACH, FL– Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has announced the sale of a 4,900-square foot, newly redeveloped BankUnited
branch situated on a 15,000-square foot parcel in Miami Beach,
Florida.
The asset commanded a sales price of $8,150,000.
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| Scott Sandelin |
Senior Associates Scott Sandelin and Ronnie
Issenberg in the firm’s Miami office had the exclusive listing to market
the property on behalf of the seller, a limited liability company from Miami Beach. The buyer was a private investor from
South America.
“This was an incredible opportunity to acquire trophy real
estate on South Beach adjacent to Lincoln Road and the Miami Beach Convention
Center. The property has a 10-year
absolute net-lease and no landlord responsibility with three percent annual
increases including during the two five-year extensions,” says Issenberg.
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| Ronald Issenberg |
“The property sold for a record low cap rate of 4.16
percent. The asset’s superior location, quality re-build and strong regional
tenant were the driving factors that led to a sale at this level.
“On a national level, cap rates have been compressing over
the last 12 months and Miami Beach is in a market of its own,” adds Sandelin.
Prior to the sale, BankUnited invested more than $2.5 million in improvements
including two drive-through lanes and the bank.
BankUnited is located at 1695 Alton Road, at the
signalized intersection of Alton Road (the main north/south retail corridor)
and 17th Street (the main east/west transportation route) on South Beach.
Press Contact:
Kirk A. Felici
First Vice President/Regional Manager
Miami
(786) 522-7000
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