Fort Lauderdale property leased to Bank of America trades

Mark Drazek
Mark Drazek

A Fort Lauderdale property leased to Bank of America changed hands for about $9.3 million.

Bayrock Investment Co. of Charlotte acquired the 4901 North Federal Highway property, according to Monday’s announcement from real estate firm CBRE, which arranged the transaction. Bank of America occupies a 5,835-square-foot single-tenant building at the site under a 20-year net lease. The property is part of a multi-parcel redevelopment of an existing Bank of America branch.

Fort Lauderdale-based Trion Group sold the parcel to Bayrock. Trion owns the adjacent parcel, which will become the home of a new CVS in February 2015. CBRE plans to market the CVS property on behalf of Trion later this month.

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CBRE senior vice president Mark Drazek represented Trion in the sale.

“This is truly a trophy single-tenant property,” Drazek said. “We felt an unpriced marketing strategy was appropriate for this asset. The strategy paid off with over 15 offers resulting in a competitive bidding process.” — Eric Kalis