 |
| Bank of America Building, 4793 North Congress Avenue, Boynton Beach, FL |
 |
| Drew A. Kristol |
BOYNTON
BEACH, 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 a 10,024-square foot retail property anchored by
Bank of America in Boynton Beach, Florida.
“Bank of America has occupied this
Congress Avenue location since 1987 and has incredibly strong deposits of more
than $124 million.
"They recently extended their lease by an additional 10 years
which shows their commitment to the site,” says Drew A. Kristol, a vice president investments in Marcus &
Millichap’s Miami office.
Kristol
along with Kirk D. Olson, also a
vice president investments in Marcus & Millichap’s Miami office,
represented both the seller, a joint venture between a New York based advisor
and a Florida based investment firm, and the buyer, a private investor from
Sunny Isles, Florida, in the transaction.
“This site
was attractive due to the rare combination of corporate guaranteed rent along
with major visibility along a high traffic corridor in South Florida,” adds
Olson.
Bank of
America occupies the entire ground floor of the two-story building. The second
floor is 100 percent leased to a strong cross section of local professional
tenants. The property has four drive-thru lanes and recent capital improvements
including a new roof, newly painted exterior and a sealed and striped parking
lot.
The building
is an outparcel to Meadows Square, a 107,597-square foot neighborhood shopping
center located on the southwest corner of Hypoluxo Road and North Congress
Avenue. The recently renovated center benefits from daily commuter traffic to
and from I-95 and has attracted several new tenants including Presidente
Supermarket.
The Bank of
America building is located at 4793 N
Congress Avenue in Boynton Beach, Florida.
For a complete copy of the company’s
news release, please contact:
Kirk
A. Felici
First
Vice President/Regional Manager
Miami,
FL
(786)
522-7000
No comments:
Post a Comment