Delray Beach, FL – April 24, 2012 – (RealEstateRama) — CBRE arranged the sale of 650 N Congress Avenue, a two-story building with a Regions Bank on the first floor and regional Regions Bank employee training on the second. The property was purchased by Sungate Partners LLC for $2,675,000. CBRE Vice President William Strauss represented the seller, Four Partners Group LP in the transaction.
“There is currently a strong appetite for single-tenant net leased properties as investors are seeking secure and attractive returns,” said Strauss. “The long history of strong activity at the bank and the property’s in-fill location make this site an excellent long-term investment.”
The 9,500-square-foot building was constructed in 1982 and underwent major renovations in 2007. Regions Bank has occupied the building since merging with Union Planters Bank in 2004.
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.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
