Based on an estimated average selling price of $350,000 per property, the sealed auction is expected to yield SunTrust at least $14 million, brokers following the sale tell GlobeSt.com on condition of anonymity. Six of the nine Huntington branches in metro Orlando alone are expected to sell for $1 million each; the other three for about $500,000 apiece.
SunTrust is making the divestiture to eliminate overlapping of branches and services. SunTrust acquired 141 Florida branches from Columbus, OH-based Huntington in the $705 million, Feb. 15 acquisition.
One of the largest properties is a two-story office building at 100 Park Place Boulevard in Kissimmee, FL, 20 miles from Downtown Orlando and 10 miles east of Walt Disney World. The asking price: $1.85 million.
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