The Real Deal Miami

Citibank inks lease for new branch across from Midtown Miami

TriStar sold the building to Block Capital Group in November for $13M

May 16, 2016 09:45AM
By Katherine Kallergis

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Rendering of 3300 North Miami Avenue in Miami

Rendering of 3300 North Miami Avenue in Miami

Citibank has inked a five-year lease in a redeveloped building across from the Shops at Midtown Miami. 

The national bank will open a new 2,200-square-foot branch at 3300 North Miami Avenue, Gaston Miculitzki of BM2 Realty told The Real Deal.

In NovemberBlock Capital Group bought the 25,790-square-foot retail property from TriStar Capital for $13 million. Citibank will take the corner space in a five-year deal that includes options for two five-year extensions, Miculitzki said. The bank is working on the buildout and renovations.

Citibank joins other banks in the area like C1 Bank at 2632 North Miami Avenue and BankUnited at 3140 North Miami Avenue.

“I think it’s great because it shows that the area is growing not only for residents, but also for the businesses in Midtown and Wynwood,” Miculitzki told TRD.

Greg Masin of Cushman & Wakefield represented the tenant. Miculitzki declined to disclose financial terms of the lease.

Block Capital Group, a Miculitzki family and Cabi Developers joint venture, is partnering with the Related Group on a residential project in Wynwood. The company also bought an art gallery at 310 Northwest 24th Street in December for $6 million.