After five years of ownership, a New York family partnership just sold its bank property in Fort Lauderdale to a Boca Raton investor for $7.1 million.
The Evelyn Di Benedetto Family Partnership had paid almost $4.5 million for a BB&T branch near the booming Las Olas neighborhood in 2010.
That purchase breaks down to $1,702 per square foot — which is competitive with what some luxury condos in Miami currently close for.
Now, the partnership has traded its property to a limited liability company based in Boca Raton for roughly $2.6 million more than what they paid. The buyer, Boca 2300 LLC, is managed by Yevgeniy Yermakov. A news release about the sale from Marcus & Millichap described him as a private investor.
Listing agent Richard Moravek of Marcus & Millichap
Yermakov paid a whopping $2,693 per square foot for the property, which was built in 2007.
Richard Moravek, a commercial specialist from Marcus & Millichap, brokered the sale on behalf of the family partnership.
“Single-tenant properties remain in strong demand, and compressed cap rates have driven prices higher for prominent properties,” Moravek said in the release. “This was an opportunity to acquire a desirable asset in a trophy location with just under 10 years left on the base lease.” — Sean Stewart-Muniz