JPMorgan Chase bought its own bank branch in West Palm Beach for $5.7 million.
Southern Dixie LLC, tied to Flagler Realty & Development, sold the 3,368-square-foot Chase bank branch at 3914 South Dixie Highway to JP Morgan Chase for $1,692 per square foot, records show.
Flagler Realty & Development had purchased the property in 2016 for $1.25 million, according to records. The branch was built in 2019. It sits on 0.5 acres.
West Palm Beach-based Flagler Realty & Development was formed in 1996 by Patrick Koenig, Richard Johnson, Jr., and Scott Johnson. It develops, leases, and manages property throughout Florida and owns the Flagler Center office building at 501 South Flagler Drive in West Palm Beach, according to its website.
JP Morgan Chase ranks as the largest bank in the United States by assets.
Across the country, bank branches are shutting down as more customers switch to mobile banking. Palm Beach County had 432 branches in the second quarter of 2019, down from 480 in the second quarter of 2015, according to data from the Federal Deposit Insurance Corp.