Marsha Soffer sells Chase branch near Little Havana for $7.5M

The property sold for $242 psf

Miami /
Dec.December 17, 2018 01:30 PM

Marsha Soffer and 801 Southwest 27th Avenue (Credit: World Red Eye)

A company tied to Marsha Soffer just sold a Chase Bank branch near Little Havana for $7.5 million.

Soffer’s company, Chandler Chase LH, sold the 30,928-square-foot property at 801 Southwest 27th Avenue for $242 per square foot to Parkwood Plaza Realty Holdings LLC.

Marsha Soffer, who is the daughter of Aventura-based developer and Turnberry Associates founder Donald Soffer, bought the Chase Bank in 2012 for $5.96 million, property records show.

The property sits just down the road from the heart of Calle Ocho in Little Havana, a popular tourist destination that is the historic home to many Cuban exiles. The Chase Bank totals 5,266 square feet and has a lease until 2031, according to Loopnet. The lease includes 10 percent rent increases every five years during the initial term and 3 percent increases at each of the renewal options, according to Loopnet.

Bank branches throughout the country are closing down and the buildings are being converted for other uses due to the increasingly popularity of mobile banking. Almost 9,000 branches closed this decade, the Wall Street Journal previously reported.


Related Articles

arrow_forward_ios
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Ytech's Yamal Yidios with 1500 Brickell Avenue
Ytech buys historic Brickell château, plans restoration
Ytech buys historic Brickell château, plans restoration
50 and 60 Northeast Third Street and 222 and 234 Northeast First Avenue (Google Maps)
Namdar pays $41M for downtown Miami apartment towers dev site
Namdar pays $41M for downtown Miami apartment towers dev site
A photo illustration of Icon on 8's planned short-term rental hotel along with the current site at 930-950 Southwest 8th Street in Little Havana (Getty Images, Icon on 8, Google Maps)
LA developer plans Little Havana short-term rental hotel
LA developer plans Little Havana short-term rental hotel
Terra Group's David Martin and the CentroCity project at 3825 Northwest 7th Street (Terra Group, Getty)
Terra’s CentroCity Little Havana project nets $230M in financing
Terra’s CentroCity Little Havana project nets $230M in financing
Related Group's Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Habitat Group's Santiago Vanegas with 39 Northwest Seventh Avenue in Little Havana (Habitat Group, Google Maps)
Habitat Group sells Little Havana apartments to LA investors for $15M
Habitat Group sells Little Havana apartments to LA investors for $15M
Lloyd Jones Chairman and CEO Christopher Finlay and First Apartments at 701 Southwest First Street in Little Havana (Lloyd Jones, Premium Development)
Lloyd Jones drops $92M for Little Havana apartments
Lloyd Jones drops $92M for Little Havana apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...