TAMPA, FL-Demonstrating the appetite for bank-branded office projects, two Bank of America office buildings have traded in Central and South Florida. A Bank of America building sold for an undisclosed amount in Belleair Bluffs, a vacation city in Pinellas County. The sale follows the disposition of the Bank of America Office Plaza Hollywood, FL the same week for $5.4 million.
Michael J. Jaworski and Benjamin Berry, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the Belleair Bluffs property on behalf of the seller, Carlos Yepes of Belleair Development. The listing agents also secured the buyer of the property, a private investor from Boothbay, ME.
“Bank buildings remains a popular investment,” Bryn D. Merrey, vice president and regional manager of the M&M’s Tampa office, tells GlobeSt.com. “This buyer was looking for a safe form of passive income. Bank of America occupies the majority of the space in the building.”
Located at 125 Indian Rocks Rd., the property is constructed as a classic decorative brick colonial, which is a rare find in Florida. The building is 18,295 square feet.
“This was an example of flight to quality,” Jaworski says in a statement. “The property has a long term Bank of America lease and a strong deposit base. The asset sold for about an 8% cap rate.”
On the Hollywood property, Douglas K. Mandel, senior director of Marcus & Millichap’s National Office and Industrial Properties Group and a vice president of Investments in the firm’s Fort Lauderdale office, exclusively represented the seller, Emerald Hills Executive Plaza, an entity controlled by Scott Brenner. The buyer, GRE Properties Sheridan Hills, was represented by Adler Realty Services. The six-story office plaza is located at 4601 Sheridan St.