Matthews™ Closes $6,100,000 Sale of First Republic Bank in Florida

First Republic Bank Sold in Florida

 

Jupiter, FL —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of First Republic Bank, located at 300 South U.S. Highway 1, Jupiter, FL. Matthews™ Associate Grant Steinberg and Associate Vice President Robert Goldberg represented the seller in the transaction.

 

At the time of the sale, First Republic Bank, the property’s tenant, had an additional two years remaining on the lease term. In total, First Republic Bank features a GLA of approximately 9,648 square feet and is situated on a 2.31-acre lot. The bank also offered upside with the potential to redevelop on the account of the buyout of First Republic by J.P. Morgan Chase.

 

“This property is a trophy real estate location on US-1 and Indiantown Road, the two main north-south and east-west arteries of the central trade market,” Steinberg said. “It is a very competitive market as the inventory is low and the demand is high. We went under contract in just six weeks and closed with the first buyer selected, with a quick due diligence process, no extensions, and no re-trades.”

 

The bank property was acquired by a private investor. The buyer was looking for an asset with strong real estate fundamentals, cash flow, and upside to develop the building into a potential long-term headquarters for their company.

 

“A large percentage of the building’s GLA was second-floor office space, which can be difficult to market. Many investor’s outlooks on office were that if the tenant were to leave, they would have an extremely difficult time developing/releasing upstairs office. Still, we sourced a buyer that saw the potential,” Steinberg said.

 

“300 U.S.-1 is a great example of how traditional real estate fundamentals will always prevail no matter the obstacles of the tenant or external market conditions,” Goldberg said.

 

For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.