The Real Deal Miami

C1 Bank continues Miami-Dade acquisition spree

November 08, 2013 11:12AM

1220 Ponce De Leon Boulevard in Coral Gables

1220 Ponce De Leon Boulevard

A pair of banks traded a Coral Gables property in a $1.6 million transaction. St. Petersburg-based C1 Bank purchased the future branch location at 1220 Ponce De Leon Boulevard from First Bank Florida.

NGKF Capital Markets, which arranged the sale, announced the completed transaction Thursday.

C1 CEO Trevor Burgess had previously announced that the bank had a Coral Gables location under contract, the South Florida Business Journal reported. It has already acquired properties in the Wynwood section of Miami and in Doral. C1 has not yet opened branches at any of the sites.

Puerto Rico-based First Bancorp is the parent company of First Bank Florida, according to the Business Journal. [SF Business Journal] – Eric Kalis