The Real Deal Miami

Fort Lauderdale property leased to Bank of America trades

Bayrock Investment Co. pays about $9.3 million for Federal Highway parcel

September 08, 2014 10:30AM

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Mark Drazek

Mark Drazek

A Fort Lauderdale property leased to Bank of America changed hands for about $9.3 million.

Bayrock Investment Co. of Charlotte acquired the 4901 North Federal Highway property, according to Monday’s announcement from real estate firm CBRE, which arranged the transaction. Bank of America occupies a 5,835-square-foot single-tenant building at the site under a 20-year net lease. The property is part of a multi-parcel redevelopment of an existing Bank of America branch.

Fort Lauderdale-based Trion Group sold the parcel to Bayrock. Trion owns the adjacent parcel, which will become the home of a new CVS in February 2015. CBRE plans to market the CVS property on behalf of Trion later this month.

CBRE senior vice president Mark Drazek represented Trion in the sale.

“This is truly a trophy single-tenant property,” Drazek said. “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.” — Eric Kalis

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