Net-Leased Bank Of America Property Sells For $9.3 Million

CBRE’s Net Lease Property Group completed the sale of a new long-term net leased Bank of America investment property located at 4901 North Federal Highway in Fort Lauderdale.
The buyer, Bayrock Investment Co., purchased the property for $9,265,000, from 4901, LTD.
CBRE represented the seller, Fort Lauderdale-based Trion Group, in the transaction.
The property is part of a multi-parcel redevelopment of an existing Bank of America property at one of the most heavily traveled intersections in South Florida – Federal Highway and Commercial Boulevard. It includes a 5,835-square-foot single-tenant building with a new 20-year-lease with Bank of America. Trion Group also owns the adjoining parcel, which will house a new CVS that is scheduled to be completed by February 2015. CBRE will be taking the CVS to market as well in mid-September in a separate transaction.

“This was a very complex redevelopment that took a tremendous amount of time and focus requiring a team effort between Bank America, CBRE development team and Trion,” said Ken Barber, president of Trion Group, which developed the project. “We’re looking forward to a successful completion of the overall project and a successful future for Bank of America and CVS at this location.”

“Considering all variables of the deal, this is truly a trophy single-tenant property,” said CBRE Senior Vice President Mark Drazek, who represented Trion. “We felt an unpriced marketing strategy was appropriate for this asset. The strategy paid off with over 15 offers resulting in a competitive bidding process which ultimately drove the pricing to a very attractive level for our client.”

Mark Drazek is a Senior Vice President with the CBRE Net Lease Property Group (NLPG). His focus over the past 12 years with the NLPG team has been on Florida single-tenant properties with more than 200 sale transactions throughout the state representing developers and investors.