MIAMI—The Chase Bank Building, a 20,603 square foot office property located in Miami Beach, FL, has traded hands. The bank building sold for $8 million, or $388 per square foot.

Douglas K. Mandel, a first vice present investments, and Benjamin H. Silver, an associate vice president investments, in Marcus & Millichap's Fort Lauderdale office, represented the seller, Norfolk, VA-based company. Jamie Medress, a senior vice president investments and Mark Ruble, a first vice president investments, in Marcus & Millichap's Phoenix office, represented the buyer, a private investor from Miami beach.

“The Chase Bank Building was a highly sought after deal that received tremendous interest from investors across the country,” says Silver. “We generated dozens of offers at list price or higher within only a couple of weeks from going to market. Ultimately we went with an offer $800,000 above list price with no due diligence period and a 10-day close.”

The property is a two-tenant mixed-use property with 20,603 rentable square feet. Chase Bank occupies the ground floor retail. The second floor is built-to-suit office space occupied by the United States Social Security Administration. The property also contains Chase Bank drive through lanes to the east.

The Chase Bank Building is located at a hard corner signalized intersection. It is visible to the high volume of north-south traffic on Alton Road and east west traffic on Dade Boulevard at 1801 Alton Road in South Beach.

We've been seeing more bank buildings trade lately. The BB&T Bank Building at 9600 West Sample Road recently sold for $4.275 million. The SunTrust Bank office sold for $18.8 million in Orlando sold for $18.8 million. And before that a different BB&T building sold for $3.7 million.

Investor demand for office buildings follows tenant demand. In fact, Maggie Kurtz of CBRE tells GlobeSt.com she's bullish on Miami's office market.

“The Miami office market is in the midst of a prolonged recovery and is going to continue to perform very well over the next few years thanks to both organic job growth and several new-to-market companies,” Kurtz says. “A lot of those companies are fleeing high-tax states like New York, Illinois, and California, but we're also seeing a lot of foreign companies set up shop in Miami.”