PNC Bank in Coral Springs {Marcus & Millichap}
A PNC Bank property along one of Coral Springs’ busiest commercial corridors has sold for $5 million.
Marcus & Millichap announced on Tuesday that it arranged the sale of the net-leased bank property at 2561 N. University Drive.
The 4,212-square-foot building sits on 2.01 acres and was built in 2012. It is currently occupied by PNC Bank.
Alex Keller, Barry Wolfe and Alan Lipsky of Marcus & Millichap marketed the property on behalf of the seller, described as a local private investor. They also secured the buyer, a local investment company.
The names of the buyer and seller were not disclosed.
“South Florida’s retail market remains strong,” Keller said. “Great locations will always attract demand, making pricing the only real question.”
Keller said investors are increasingly considering the property’s long-term value in addition to the existing lease.
“For assets like this, investors are looking beyond the lease and recognizing the long-term value of the underlying real estate,” he said. “A two-acre site along a major South Florida retail corridor is difficult to replicate.”
The property is located along North University Drive near several major retailers, including Publix, Trader Joe’s and Whole Foods Market. It is also directly across from The Walk at University, a mixed-use retail and office development.
PNC Bank operates more than 2,500 locations across 27 states.
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