Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive listing for a net-leased BB&T Bank and its corporate offices in downtown Miami. The price is $17 million. Click Here for link to video presentation.
“BB&T demonstrated its commitment to Brickell Avenue and Miami’s financial district by completing a seven-year lease extension that includes the building’s ground-floor bank branch and café space and corporate offices on the 10th and 11th floors,” says Ronnie Issenberg, first vice president investments in Marcus & Millichap’s Miami office. “The location is a world-class banking environment in one of the densest neighborhoods south of Manhattan in the country.”
Issenberg, and Gabriel Britti, also a first vice president investments in Miami, are representing the seller, a Florida-based limited liability company.
“During a time when many bank branches in secondary and tertiary markets are closing their doors because of online banking, this branch is thriving,” adds Britti. “We consider this net-leased opportunity, located at one of the busiest intersections in downtown Miami and surrounded by hundreds of thousands of full-time residents, to be ‘internet-proof.’”
The bank and its corporate offices are situated in one of downtown Miami’s signature office buildings at 1200 Brickell Ave., in the midst of 36 million square feet of office, retail, hotel and residential space. Brickell City Centre, a $1.05 billion, 5.4-million-square-foot shopping and mixed-use project is a five-minute walk from the property. The American Airlines Arena, home of the Miami Heat, is 1.5 miles away and the Miami International airport is within 10 miles.
BB&T has been occupying the combined 28,350 square feet of space for more than 10 years. BB&T Bankhas more than $210,000,000 in deposits and is backed by S&P A-rated Corporate Branch Banking and Trust Co.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 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
