Bal Harbour (Miami Beach), FL – January 14, 2012 – (RealEstateRama) — 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.
The CBRE National Retail Investment Group is a team of senior Capital Markets professionals that specialize in the sale, debt and equity finance, and recapitalization of retail properties throughout the United States. In Florida, the NRIG team is based in the Miami office and is led by Senior Vice Presidents, Casey Rosen and Dennis Carson.
The Net Lease Property Group is a team of senior level CBRE Capital Markets professionals that specialize in the sale, purchase and recapitalization of single tenant net leased properties throughout the United States. In Florida, the NLPG team is based in Orlando and led by Mark Drazek.
About Inland American
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate including retail, multi-family, industrial, lodging, office and student housing properties, located in the United States and Canada. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of March 31, 2012 Inland American owned, directly or indirectly through joint ventures in which it has a controlling interest, 970 properties, representing approximately 49 million square feet of retail, industrial and office properties, 9,563 multi-family units and 17,899 lodging rooms. Inland American is one of five REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.
About Bal Harbour Shops
Opened in 1965 by retail visionary Stanley Whitman, Bal Harbour Shops was the first all luxury fashion center featuring high-end retailers in a tropical, open-air setting. Bal Harbour Shops quickly became the most exclusive shopping destination in the country with record-setting sales and has remained the industry leader. In 2012, Bal Harbour Shops topped the list as the world’s most productive luxury shopping center based on sales per square foot, according to data compiled by the International Council of Shopping Centers. Three generations of the Whitman family remain steadfast in their shared vision for this fashion mecca and its continued success.
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 firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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 Web site at www.cbre.com.
Communications & Media Manager, FL
lauren.crawford (at) cbre (dot) com
Marketing Director, FL
elizabeth.cross (at) cbre (dot) com