The Real Deal Miami

Regions Bank building sells for $2.7M in Delray

April 24, 2012 11:15AM

The Regions Bank building in Delray Beach has sold for $2.65 million in a deal arranged by CBRE Group. The 9,500-square-foot property was purchased by Sungate Partners, a limited liability company. The seller, Four Partners Group, was represented by William Strauss, vice president at CBRE. “There is currently a strong appetite for single-tenant net-leased properties as investors are seeking secure and attractive returns,” Strauss said. “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 property, which was built in 1982, underwent large-scale renovations in 2007. — Alexander Britell