Fort Lauderdale, FL – September 22, 2014 – (RealEstateRama) — CBRE’s Net Lease Property Group completed the sale of a new long-term net leased Bank United investment property located at 1730 East Sunrise Boulevard in Fort Lauderdale, FL. The buyer, 859-877 Realty Associates, LLC., purchased the property for $3,800,000 from 1730 Sunrise LLC. CBRE represented the seller in the transaction.
The property is a freestanding 3,254-square-foot building with a new 15-year lease with BankUnited. It’s situated on .57 acres on the heavily-traveled Sunrise Boulevard corridor. The developer of the project is Fort Lauderdale-based JM Properties of South Florida. JM Properties has been an active retail developer in the South Florida market for decades.
“This is yet another example of the current demand for high quality investment grade net lease properties,” says CBRE Senior Vice President Mark Drazek, who represented JM Properties. “BankUnited is one of the most well capitalized financial institutions in the country today. Couple the bank’s success with the prime South Florida location and new 15-year triple net lease and this becomes one of the most desirable investment properties in the market – especially for 1031 exchange buyers looking for a safe and management free investment.”
Mark Drazek is a Senior Vice President with the CBRE Net Lease Property Group (NLPG) and has led the NLPG team in Florida for the past 13 years. He’s represented developers and investors across the state in over 200 sale transactions valued at over $1B in Florida alone.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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