X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

While all banks were significantly challenged during the recent recession, BankUnited was purchased by a large investor group with a significant capital infusion, creating a new, stable platform from which to grow. Having expanded from their Miami, FL headquarters throughout Florida, they are currently working to penetrate the New York City metro area to better serve their large client base with dealings in both markets.

Their expansion and continued growth has been a testament to their creative founding. Many of the larger institutions expanding in Florida at the same time as BankUnited were willing to sign long term ground leases with rents exceeding $200k-$300k annually, requiring the bank to then build and pay for all of the physical improvements, often times costing in excess of an additional $2M. Conversely, BankUnited took a more conservative approach to their expansion; renovating and redeveloping old banks, QSRs, and restaurant locations, minimizing their occupancy cost while maximizing their visibility and accessibility to accommodate today’s banking customer. This is important to the net lease investor as it adds a layer of protection through lower rents and $/sf costs on average for a BankUnited site versus their peer group.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.