CBRE SELLS SINGLE-TENANT PROPERTY OCCUPIED BY SUNTRUST BANK

Boynton Beach, FL – April 25, 2014 – CBRE arranged the sale of a single-tenant retail property leased to SunTrust Bank. The buyer, Kireland Management, LLC, purchased the property at 9909 Hagen Ranch Road in Boynton Beach for $5,775,000 from LH Boynton Bank Building, LLC, a Florida-based private investor who hired CBRE to market the asset for sale and negotiate the transaction.

The sale included a 0.94-acre parcel subject to a 20-year triple-net ground lease with 16 years remaining. The 3,798-square-foot bank was constructed in 2010 and has three drive-thru lanes.

“This bank branch is highly visible and is part of the West Boynton Professional Center mixed-use development, located at the northwest corner of Boynton Beach Boulevard and Hagen Ranch Road,” said Todd Weintraub, Vice President with CBRE. “The West Boynton Professional Center includes the SunTrust Bank, a two-story office building and a proposed 7,500 square foot medical office building. This is an exceptionally strong banking location as it serves a dense and growing population base that includes nearby Aberdeen, Canyon Springs, Canyon Trails, Valencia Reserve and Greystone.”

“The market for single-tenant net-leased investments continues to be exceptionally robust due to a limited supply of longer-term credit deals available for sale. Local, national and international investors are aggressively vying for these deals,” said Dave Donnellan, First Vice President with CBRE.

Within the single-tenant banking sector, Donnellan and Weintraub have recently completed assignments including the sale of Regions Bank, Chase Bank, PNC Bank and Bank United. Based in Fort Lauderdale, Donnellan and Weintraub are part of CBRE’s Investment Properties group focusing on the disposition of shopping centers and single-tenant net-leased properties.

About CBRE Group, Inc. 

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

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