MIAMI—Bank properties—and parcels where banks plan to expand—are hot items in South Florida. FL Property, LLC just purchased a single tenant retail property leased to PNC Bank for $4.6 million from PSR Corner Holdings, LLC.
CBRE marketed the sale and negotiated the transaction on behalf of PSR, a Florida-based private developer. Within the single tenant banking sector, CBRE's Dave Donnellan and Todd Weintraub have recently completed assignments including the sale of Chase Bank, Bank United, Regions Bank, PNC Bank, Bank of America, and SunTrust.
The PNC Bank is located at 400 North Federal Highway in Fort Lauderdale. “The bank branch is strategically located to serve the banking needs of the daytime office population of Downtown Fort Lauderdale, as well as the established community of Victoria Park and the burgeoning Flagler Village area, where 720 new multifamily units are coming under construction,” says Weintraub, a senior associate with CBRE.
The sale included a 0.46-acre parcel subject to a new 20-year triple-net ground lease. Upon completion this year, the PNC Bank will be approximately 3,502 square feet with drive-thru lanes.
“The market for single tenant net-leased investments continues to be exceptionally robust, especially with top-tier bank tenants, with national and international investors vying for these deals,” says Donnellan, first vice president with CBRE. The PNC Bank site is part of a three-parcel development anchored by The Fresh Market, with direct frontage along Federal Highway.
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