Chase Bank in Miami Sold
MIAMI — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, managed the disposition of a Chase Bank located at 6800 Biscayne Boulevard, Miami, FL. The property sold slightly above $8,000,000 at a sub-4.50% cap rate. Associate Josh Longoria and Vice President and Director Simon Assaf represented the seller in the transaction.
The Chase Bank was sold by a private investor. Agents utilized Matthews’ extensive marketing platform to generate multiple offers, ultimately closing with an all-cash, Florida-based investor. Agents achieved the lowest cap rate for a 10-year Chase Bank in the last two years.
“With the current cash deposit rates at 5.67% and the interest rates in the high 6% range, the fact we were able to execute this deal 200 basis points below where we are seeing lending is incredible,” Longoria said. “At the end of the day, we made our seller and his family extremely happy, which is the most important part of every deal.”
The buyer intends to hold the property as a generational asset. The sale included a completely passive 10-year lease with an investment-grade tenant, J.P. Morgan Chase, with a 10% rental increase every five years. Matthews™ agents successfully navigated all obstacles to execute a seamless 15-day close for both parties.
For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.
Matthews Real Estate Investment 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 600 agents and support staff in 20+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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