Citibank inks lease for new branch across from Midtown Miami

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

May.May 16, 2016 09:45 AM

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.

Related Articles

Alex Rodriguez (Credit: Getty Images and iStock)

Work out like A-Rod? Athlete inks Midtown Miami lease for UFC Gym

3055 North Miami Avenue and Alex Vadia (Credit: Midtown Opportunities, TAMZ)

Controversial Walmart site in Midtown Miami sells for $26M

Midtown 29 and Michael S. Morgan CEO of Morgan Group

Midtown 29 developers close $80M refinance

Rendering of the Wynwood development, Charlie Kushner and Laurent Morali

Kushner and Block Capital pay $32M for Wynwood sites of mixed-use projects

The Midtown Miami building and Jordan Gimelstein of Dwntwn Realty Advisors

Make it work! Fabrics store of Project Runway fame buys Midtown Miami buildings

Chef Timon Balloo and Felix Bendersky with the Ingraham Building (Credit: Twitter, Facebook and Google Maps)

The Weekly Dish: Sugarcane chef opening downtown Miami concept & more

Miami to see oversupply, high vacancies in CRE and multifamily by 2020: report

The Weekly Dish: El Bagel heads to MiMo, Blue Bottle shutters Miami locations & more