SunTrust Selling 40 Properties in Florida for Estimated $14M

ORLANDO-It may turn out to be the least-publicized commercial real estate sales of the year when Atlanta-based SunTrust Banks Inc. opens bids next week from developers, investors, banks and businesses on leased and owned properties being sold throughout the state. Fourteen properties are in Central Florida.

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.