FORT LAUDERDALE-A small, suburban, Bank of America building in Hobe Sound, FL, sold for $1.9 Million in cash, or $127 per square foot. The buyer was DiVosta Investments of Palm Beach Gardens. The building, located in an outparcel to the Inland Crossing Shopping Center, was built in 1972 and is 100% occupied.

“DiVosta is a strong buyer and long-term investor which pays cash for most of its acquisitions,” says Bill Strauss, vice president and retail specialist with the Private Client Group at CB Richard Ellis’ Investments Properties Divisions in Boca Raton, who represented the seller, Bridge Road, LLC of Evanston, IL.

Bank of America occupies the entire ground floor of the building and has a long term lease, which started in 2003 and runs for more than ten years, says Strauss. The second floor tenant is a 7,000-square foot medical office. The building is at a major intersection on US 1. It is close to Jupiter Island, where a lot of celebrities, such as Tiger Woods, live.

Bank of America pays roughly 60% of the income of the property, and gives the owner a stable return, says Strauss. Hobe Sound is in Martin County, just north of South Florida.