A Miami private investor purchased a 5,607-square-foot BB&T bank branch for $3.44 million.
BUYER: Tampa SID LLC (principal: Sidney Domb), Miami
SELLER: FQ Colonial Tampa LLC
PROPERTY: 1707 S. Parsons Ave., Seffner
PRICE: $3.44 million
PREVIOUS PRICE: $3.69 million, October 2007
LAW FIRM ON DEED: Kirkpatrick Stockton LLP, Atlanta
PLANS, DESCRIPTION: A Miami private investor purchased a 5,607-square-foot BB&T bank branch for $3.44 million. The price equated to $613 per square foot.
BB&T Bank took over the freestanding branch as part of its recent acquisition of Colonial Bank.
Patrick Nutt with Calkain Realty Advisors handled the transaction.
BB&T Bank has a long-term lease agreement on the 0.86-acre outparcel for at least 12 years. The triple-net lease leaves BB&T responsible for all building upkeep and improvements.
The capitalization rate for the purchase, a key measure of rental income versus acquisition price, was 6.9%.
“The buyer was very attracted to the high credit of the tenant as well as the absolutely passive nature of the lease,” Nutt says in press release. “The seller was able to achieve a price equal to the peak of the market in 2007.”