Citibank in Miami Beach changes hands for $7.8M

Six months after Citibank set up shop in Miami Beach, the building has changed hands for $7.8 million, GlobeSt reported.

A Miami-based limited liability company sold the space to another Miami-based limited liability company, though Citibank will continue to operate there. The 5,150-square-foot office sits on a 14,000-square-foot site at 830 5th Street. The sale was priced at $1,515 per square feet.

Construction wrapped in December, and the lease began the following month. Marc E. Strauss, a first vice president of investments at the Fort Lauderdale office of Marcus & Millichap, had the exclusive listing to market the property on the seller’s behalf.

Other Miami area branches include 1290 Weston Road in Weston and 8701 Bird Road in Miami. [GlobeSt] – Mark Maurer