If you can’t beat ‘em, join ‘em: JP Morgan buys North Beach branch

The bank paid $8.45M for the building and parking lot it had leased

Miami /
Jun.June 28, 2019 05:00 PM
Chase branch at 6916 Collins Avenue with Roberto Susi and Jose Sasson of Axiom Capital Advisors

Chase branch at 6916 Collins Avenue with Jose Sasson and Roberto Susi of Axiom Capital Advisors

If you can’t beat ‘em, join ‘em?

Amid a surge of redevelopment in North Beach, J.P. Morgan bought its Chase bank branch to ensure its ongoing presence, The Real Deal has learned.

J.P. Morgan paid $8.45 million in an off-market deal for the branch building at 6916 Collins Avenue, said Roberto Susi, principal of Axiom Capital Advisors, who represented the seller, along with Axiom’s Jose Sasson.

The seller is Bayrock Investment Co., based in Charlotte, North Carolina.

The 5,756-square-foot branch and parking are on a 37,500-square-foot lot. The building, built in 2013, sold for $1,468 per square foot and the land for $225 per square foot.

Susi said J.P. Morgan wanted to buy the leased branch to keep it for its own use so the property would not end up in the hands of a developer. The branch, on the west side of Collins Avenue, is near a new Publix and across from oceanfront condo developments L’Atelier Residences and the Carillon Hotel and Residences.

“It’s an up-and-coming market that is experiencing tremendous growth from a development standpoint,” Susi said.

North Beach is seeing increased interest from developers, amid voters’ and the city of Miami Beach’s approval of upzoning. Property owners are now able to build twice as much as they were previously allowed in the North Beach Town Center District, which mainly consists of retail plazas, vacant lots and apartment buildings between Indian Creek Drive, Dickens Avenue, 72nd Street, Collins Avenue and 69th Street.

Among the developments planned is Silvia Coltrane and her partners’ mixed-use hotel and condo project at 72nd Street and Collins Avenue.

Earlier this week, the Miami Beach City Commission gave the green light to a land deal that will allow developers Alex Blavatnik and Sandor Scher to build 110 hotel rooms on Ocean Terrace in North Beach, in exchange for a $15 million park near the oceanfront.


Related Articles

arrow_forward_ios
A rendering of the Byron Carlyle Cultural Center, Jared Galbut and Keith Menin (Miami Beach City Commission, Google Maps)
It’s curtains for Galbut family-led proposal to redevelop Byron Carlyle Theater
It’s curtains for Galbut family-led proposal to redevelop Byron Carlyle Theater
International Inn at 2301 Normandy Isle, Miami Beach (Google Maps)
Miami Beach approves 8-story addition for International Inn
Miami Beach approves 8-story addition for International Inn
Silvia Coltrane and 7300 Collins Avenue (Corcoran, Google Maps, Manolos)
Silvia Coltrane sells Manolo building near Ocean Terrace project in North Beach
Silvia Coltrane sells Manolo building near Ocean Terrace project in North Beach
Rendering of Byron Carlyle Cultural Center, with Matis Cohen, Jared Galbut and Keith Menin (Miami Beach City Commission)
Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February
Menin Hospitality’s Byron Carlyle Theater redevelopment vote shelved until February
Aria Mehrabi and renderings of the projects
Target-anchored mixed-use project planned for North Beach advances
Target-anchored mixed-use project planned for North Beach advances
Jared Galbut, Bodega Taqueria
Menin plans major expansion of Bodega Taqueria
Menin plans major expansion of Bodega Taqueria
Yamal Yidios and 7780-7810 Tatum Waterway (Ytech)
Court ruling overturns Tatum Waterway’s historic designation
Court ruling overturns Tatum Waterway’s historic designation
Diego Colmenero, Charlie Porchetto and a rendering of the hotel
Urbanica scores approval for new hotel in North Beach
Urbanica scores approval for new hotel in North Beach
arrow_forward_ios

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

Loading...