A local private buyer, Windsor Investors, has purchased 1533 Sunset Drive in Coral Gables, Fla. The 17,103-square-foot commercial building, previously owned by Branch Bank & Trust Co. (BB&T), sold for approximately $3.5 million. David Preston, a Newmark Grubb Knight Frank (NGKF) Retail managing director in the Miami office, represented the seller. Adam Greenberg, CCIM, and Michael Lapointe, CFA, both executive managing directors with NGKF Capital Markets, represented the buyer.
The transaction is largely a result of BB&T’s acquisition of BankAtlantic in July 2012. The property formerly housed a BB&T retail bank branch on the ground floor that was closed shortly following the merger. With its strong ties to the local community and solid experience in owning commercial buildings, Windsor Investors will renovate the property, a host to retail, office and medical tenants.
“We were pleased to assist BB&T’s real estate team with a successful disposition,” said Mr. Preston. “The transaction speaks strongly to the current attractiveness of the Coral Gables market to local investors seeking long-term plays. Additionally, it speaks to our expanded capital markets practice as the team’s client base provided for the most aggressive solution via our comprehensive marketing process.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
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