The SunTrust bank building located at 9600 Collins Avenue in Miami Beach’s Bal Harbour village was acquired for $13.5 million by an affiliate of the owner of Bal Harbour Shops. The seller, a wholly owned subsidiary of Inland American Real Estate Trust, Inc., hired CBRE to market the asset for sale.
“This was a strategic acquisition for the buyer and will likely be a component of plans for the expansion of Bal Harbour Shops,” said Casey Rosen, a Senior Vice President with CBRE in Miami. “This transaction was a win for both parties. The sale will enable Inland American to diversify their holdings in the region and re-cycle proceeds into investments with higher growth profiles than net leases such as hotels.”
Rosen of CBRE’s National Retail Investment Group Team in Florida, in collaboration with Mark Drazek of CBRE’s National Net Lease Property Group and Paco Diaz of the Miami retail team, provided exclusive representation to the seller in the transaction.
Located on a 0.98-acre, net-leased parcel, The Bal Harbour SunTrust is a 14,987-square-foot, two-story building housing a ground floor bank branch and a second floor wealth management office. The property is located directly across from the renowned Bal Harbour Shops—one of the most exclusive and busiest shopping destinations in the world and the highest ranking mall in the U.S. in retail sales per square foot.
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