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