While all banks were significantly challenged during the recentrecession, BankUnited was purchased by a large investor group witha significant capital infusion, creating a new, stable platformfrom which to grow. Having expanded from their Miami, FLheadquarters throughout Florida, they are currently working topenetrate the New York City metro area to better serve their largeclient base with dealings in both markets.

Their expansion and continued growth has been a testament totheir creative founding. Many of the larger institutions expandingin Florida at the same time as BankUnited were willing to sign longterm ground leases with rents exceeding $200k-$300k annually,requiring the bank to then build and pay for all of the physicalimprovements, often times costing in excess of an additional $2M.Conversely, BankUnited took a more conservative approach to theirexpansion; renovating and redeveloping old banks, QSRs, andrestaurant locations, minimizing their occupancy cost whilemaximizing their visibility and accessibility to accommodatetoday's banking customer. This is important to the net leaseinvestor as it adds a layer of protection through lower rents and$/sf costs on average for a BankUnited site versus their peergroup.


Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Jonathan Hipp

Jonathan Hipp began his career in real estate over 25 years ago. In his early years as a broker, he ventured into the net lease industry and quickly began leading the US net lease market, closing over $3 billion in transactions. In 2005, Jon founded Calkain Companies, a company focused solely on net lease investment services. As President and CEO, he has been instrumental in building the firm into one of the leading Net Lease real estate companies, transacting over $12 billion of net lease deal volume over the past 13 years. He has expanded Calkain’s services to include brokerage, advisory, asset management, capital markets, and industry research. He has become a well-known resource, panelist, and speaker at various Net Lease and Industry conferences and is a regular contributor to GlobeSt.com on real estate trends. In June 2015, Jon’s passion for the real estate business was again recognized as he was nominated for the Top Real Estate Player in the DC area by SmartCEO magazine.