Newly Constructed Chase Bank Trades In All Cash Transaction

Nov 19, 2019 No Comments by

Marcus & Millichap negotiated the sale of a newly constructed Chase Bank located in Miami, according to Scott Lunine, Regional Manager of the firm’s Miami office.

The asset sold for $4,050,000.

Eduardo Toledo and Jonathan De La Rosa, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor. An individual/personal trust 1031 tax deferred exchange buyer, was also secured and represented by Toledo and De La Rosa. 

The asset sold at a 4.32% cap rate, which is a prominent example that the stability of single-tenant net lease assets continues to attract investors that are seeking less downside risk due to increased economic uncertainty and concerns of cycle maturity. In addition to this stability, falling interest rates and decreasing treasury’s have provided additional boosts to the sectors appeal. Investors can now capture higher leveraged returns as the yield spread between the average STNL cap rate and 10-year Treasury widened.

This was an all-cash transaction for a 1031 tax deferred exchange buyer. The Chase Bank was in the final construction phase where they recently signed a new 20-year ground lease with four-five-year options.

 

 

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Industry News, Miami-Dade County Retail, NA, Retail
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