Miami Beach Citibank Sells For $1,515 PSF

Jul 23, 2013 No Comments by

Marcus & Millichap Real Estate Investment Services announced the sale of Citibank, a 5,150 square-foot net-leased bank located in Miami Beach.

The asset sold for $7,800,000 representing $1,515 per square foot.

Marc E. Strauss, a First Vice President-Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a Miami-based limited-liability company.

“This Citibank branch is brand new.  Construction began in early 2012 and the interior tenant improvements were completed in December 2012.  Citibank signed a 15-year lease and opened for business that month.  The buyer of the property will benefit from its irreplaceable location and the long term appreciation with solid secure income,” says Strauss.

The bank is located on a 14,000-square foot site on the signalized corner of South Beach’s busy 5th Street and boasts the only double drive-thru for a bank facility in the area. Citibank is located at 830 5th Street in Miami Beach.

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Industry News, Miami-Dade County Retail, Retail
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