UPDATED, March 24, 10:00 a.m.: Even in the midst of the coronavirus pandemic some deals are closing.
Truist sold a bank branch in Miami’s Allapattah neighborhood for $6.9 million to a company tied to CFH Group, records show. The branch, at 1400 Northwest 20th Street, is on a 87,817-square-foot lot, equating to a price of $78 per square foot, according to records.
Truist is the bank holding company based in Charlotte, North Carolina that was formed in December after BB&T and SunTrust merged. The bank branch in Allapattah was formerly a SunTrust branch.
The property is zoned T-6-8-O, and could be redeveloped into a mixed-use project or a retail center with a bank branch, according to a listing on LoopNet.
Miami-based CFH Group, led by Tom Cabrerizo, is a real estate development and property management company with a portfolio of nearly 6,000 multifamily units and more than 500,000 square feet of commercial property throughout the Southeast, according to its website. The company recently purchased a 100-unit apartment complex at 10791 North Kendall Drive from Baptist Health South Florida for $16.9 million.
More developers and investors are targeting Allapattah, an industrial neighborhood west of Wynwood and east of Miami International Airport.
Developer Lissette Calderon is building a 192-unit apartment development in Allapattah known as Allapttah 17. Calderon is also planning another mixed-use development in Allapattah, 16 Allapattah, with 323 apartments.
Moishe Mana has been assembling land on the eastern edge of Allapattah, just west of his Wynwood holdings.
Developer Robert Wennett is also planning a residential, office, retail and hotel project in Allapattah that will rise between Northwest 21st and 22nd streets, and between Northwest 13th and 12th avenues. The project will be designed by Bjarke Ingels.
Correction: A previous version of the story misstated the square footage and price per square foot of the property.