The Real Deal Miami

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

The property sold for $242 psf
By Keith Larsen | December 17, 2018 01:30PM

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.