Tuesday, July 23, 2013

Marcus & Millichap Arranges Sale of Miami Beach, FL Citibank for $7.8 Million


Citibank building, 830 Fifth Street, South Miami Beach, FL

Marc E. Strauss
MIAMI BEACH, FL, July 23, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Citibank, a 5,150 square-foot net-leased bank located in Miami Beach, FL. The asset sold for $7,800,000 representing $1,515 per square foot.

Marc E. Strauss, a First Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller a Miami-based limited liability company.

“This Citibank branch is brand new - construction began in early 2012 and the interior tenant improvements were completed in December 2012.  Citibank signed a 15-year lease and opened for business that month.  

South Fifth Street Neighborhood, Miami Beach
The buyer of the property will benefit from its irreplaceable location and the long term appreciation with solid secure income,” says Strauss.

The bank is located on a 14,000-square foot site on the signalized corner of South Beach’s busy 5th Street and boasts the only double drive-thru for a bank facility in the area. Citibank is located at 830 5th Street in Miami Beach, FL.

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

Gregory Matus
Regional Manager
Vice President,
Fort  Lauderdale, FL
(954) 245-3400

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