The Real Deal Miami

Miami Beach bank building sells for $21M

Building next door last sold for $4.775M

August 10, 2015 09:45AM
By Sean Stewart-Muniz

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The HSBC Bank building in Miami Beach

The HSBC Bank building in Miami Beach

The United States branch of an Israeli firm just sold off a six-story financial building in Miami Beach for $21 million, Miami-Dade County records show. 

The 39,638-square-foot building, at 4100 Pine Tree Drive, is occupied by HSBC Bank. It was built in 1966.

It was last sold for an undisclosed amount to the U.S. branch of the Netz Group, a publicly traded Israeli company that owns and manages real estate, though its business branches out to hotels and trade goods in its home nation.

In April, the company paid $13.1 million for the Merrill Lynch Plaza in Fort Lauderdale. Netz U.S.A is “aggressively investing in commercial property in the United States” and plans on clearing $130 million by the end of 2015, according to its website.

The firm owned the HSBC building in Miami Beach for two years before selling to Miami Beach-based Caton Owner. The managing member of the company is Mushka Jacobson, according to Florida corporate records. Caton took out a $13 million mortgage for the purchase with Centennial Bank.

That sale included two roughly 8,000-square-foot parking parcels on the north end of the building. The bank shares the block with a mixed-use tower at 333 West 41st Street, also known as the 333 Professional Building. Though it’s three stories taller and was built three years later, the tower’s last sale price was a $4.775 million.