Triple-Net Bank Trade Wave Continues

FORT LAUDERDALE, FL—A single-tenant retail property leased to Regions Bank in
The Strada, a mixed-use project in Coconut Creek, FL, is the latest bank building to trade hands in South Florida. The sale price was $5.1 million.

Hamsa Hand Holdings, LLC sold the asset to Happiness, Inc. Hamsa is managed by Alan Goldberg, CEO of Diversified Realty Development Co., the South Florida-based company that developed The Strada. CBRE represented the seller.

“This bank branch is highly visible with excellent access and is part of The Strada mixed-use development, located at the southwest corner of Coconut Creek Parkway and Lyons Road,” says Todd Weintraub, a senior associate at CBRE. “The Strada Development is an emerging project that currently includes the Regions Bank, Walgreens and a medical office building. This is an exceptionally strong banking location as it serves a dense population base that includes nearby Wynmoor Village, which has more than 9,000 residents.”

Located at 4808 Coconut Creek Parkway in Coconut Creek, the Regions Bank retail property sits on a 0.3-acre parcel subject to a 20-year triple-net ground lease with 15 years remaining. The 3,320-square-foot bank was constructed in 2011 and has three drive-thru lanes.

“The market for single-tenant net-leased investments continues to be exceptionally robust, with local, national, and international investors vying for these deals,” says Dave Donnellan, a first vice president at CBRE. Within the single-tenant banking sector, Donnellan and Weintraub have recently completed assignments including the sale of Chase Bank, PNC Bank and Bank United.