FORT LAUDERDALE, FL—Chase Bank is the latest to expand in South Florida. The deal marks the seventh bank-related transaction for CBRE in recent months.
CBRE arranged the sale of a single tenant retail property leased to Chase Bank. The buyer, 150 NW 180th Street, LLC, purchased the property from Pembroke Pines Place, LLC, a Florida-based private developer.
Located at 150 NW 180th Avenue in Pembroke Pines, the sale included a 1.8-acre parcel subject to a new 20-year triple-net ground lease. Upon completion this year, the Chase Bank will be approximately 4,713 square feet with drive-thru lanes.
“The property is highly visible on Pines Boulevard in southwestern Broward County and shadow-anchored by Publix and is directly across from Walmart,” says Todd Weintraub, a senior associate with CBRE. Within the single tenant banking sector, Weintraub and Dave Donnellan, a first vice president at CBRE, have recently completed the sale of Bank United, Regions Bank, PNC Bank, Bank of America, SunTrust, and Bank Atlantic.
“The market for single tenant net-leased investments continues to be exceptionally robust, especially with top-tier bank tenants, with national and international investors vying for these deals,” says Donnellan. Beyond CBRE, Professional Bank is planning new corporate headquarters in Coral Gables and International Finance Bank is relocating a branch in Miami. Wells Fargo and AmTrust are planning new South Florida branches and PNC Bank is building a Fort Lauderdale branch.