Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 10,024-square foot retail property anchored by Bank of America in Boynton Beach, Florida.
“Bank of America has occupied this Congress Avenue location since 1987 and has incredibly strong deposits of more than $124 million. They recently extended their lease by an additional 10 years which shows their commitment to the site,” says Drew A. Kristol, a vice president investments in Marcus & Millichap’s Miami office.
Kristol along with Kirk D. Olson, also a vice president investments in Marcus & Millichap’s Miami office,represented both the seller, a joint venture between a New York based advisor and a Florida based investment firm, and the buyer, a private investor from Sunny Isles, Florida, in the transaction.
“This site was attractive due to the rare combination of corporate guaranteed rent along with major visibility along a high traffic corridor in South Florida,” adds Olson.
Bank of America occupies the entire ground floor of the two-story building. The second floor is 100 percent leased to a strong cross section of local professional tenants. The property has four drive-thru lanes and recent capital improvements including a new roof, newly painted exterior and a sealed and striped parking lot.
The building is an outparcel to Meadows Square, a 107,597-square foot neighborhood shopping center located on the southwest corner of Hypoluxo Road and North Congress Avenue. The recently renovated centerbenefits from daily commuter traffic to and from I-95 and has attracted several new tenants including Presidente Supermarket.
The Bank of America building is located at 4793 N Congress Avenue in Boynton Beach, Florida.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
