FORT LAUDERDALE-A small, suburban, Bank of America building inHobe Sound, FL, sold for $1.9 Million in cash, or $127 per squarefoot. The buyer was DiVosta Investments of Palm Beach Gardens. Thebuilding, located in an outparcel to the Inland Crossing ShoppingCenter, was built in 1972 and is 100% occupied.

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“DiVosta is a strong buyer and long-term investor which payscash for most of its acquisitions,” says Bill Strauss, vicepresident and retail specialist with the Private Client Group at CBRichard Ellis’ Investments Properties Divisions in Boca Raton, whorepresented the seller, Bridge Road, LLC of Evanston, IL.

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Bank of America occupies the entire ground floor of the buildingand has a long term lease, which started in 2003 and runs for morethan ten years, says Strauss. The second floor tenant is a7,000-square foot medical office. The building is at a majorintersection on US 1. It is close to Jupiter Island, where a lot ofcelebrities, such as Tiger Woods, live.

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Bank of America pays roughly 60% of the income of the property,and gives the owner a stable return, says Strauss. Hobe Sound is inMartin County, just north of South Florida.

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