MIAMI—The 5,150-square-foot Citibank has traded for 7.8 million. The net leased asset is the latest bank trade or development in South Florida. The sale price equals $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. The seller was a Miami-based limited liability company.
“This Citibank branch is brand new,” Strauss says. “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. The buyer of the property will benefit from its irreplaceable location and the long term appreciation with solid secure income.”
The Citibank is located at 830 5th Street in Miami Beach, FL. 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.
Here are few of the other recent market moves: 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.