Chase Bank Building Fetches $388 PSF

Marcus & Millichap announced the sale of Chase Bank Building, a 20,603 square foot office property located at 1801 Alton Road in Miami Beach. The asset sold for $8,000,000 equating to $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, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Norfolk, VA.
The buyer, a private investor from Miami Beach, was secured and represented by Jamie Medress, a senior vice president investments and Mark Ruble, a first vice president investments, in Marcus & Millichap’s Phoenix, AZ office.

“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 comprised of 20,603 rentable square feet. The ground floor retail space is occupied by Chase Bank and 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.

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