JPMorgan added another South Florida commercial property to its real estate portfolio, spending a combined $77 million this month after acquiring a Miami Beach bank building and a Coral Springs shopping center.
In the most recent deal, the New York-based bank, led by CEO Jamie Dimon, paid $23.5 million for the 25,030-square-foot building housing JPMorgan’s Chase Miami Beach branch and offices at 1801 Alton Road, records and real estate database Vizzda show. The U.S. Social Security Administration is also a tenant.
The buyer paid roughly $939 a square foot for the building, and $15.5 million above the previous sale price 11 years ago.
An entity managed by Coral Gables-based investor Dominic Cavagnuolo, bought the 1-acre site for $8 million in 2014, records show. The two-story building was completed in 1982. The seller previously filed plans with the city to redevelop the property into 5,000 square feet of retail and office space, but the project is now off the table, according to Vizzda.
As of June, JPMorgan held $578 million in deposits at the Chase Alton Road branch, according to the Federal Deposit Insurance Corp.
The banking giant also recently spent $53.7 million for Shoppes at Heron Lakes, a 145,618-square-foot retail center in Coral Springs. The pair of single-story buildings sold for $369 per square foot. Tenants at Shoppes at Heron Lakes include Crunch Fitness, the Fish Joint, Lefty’s Tavern & Grille, Club Men Barbershop, Pasquale & Son’s Pizza Co. and Aldo Cleaners.
Shoppes at Heron Lakes traded for nearly $48 million more than its prior sale price two decades ago, reflecting continued investor confidence in South Florida’s retail sector.
In other recent Miami Beach commercial trades, Comras Company, led by Michael Comras, this month acquired a portfolio of Lincoln Road retail buildings for about $140 million, partially financed with a $117 million loan from San Francisco-based Acore Capital. Comras plans to renovate the properties into a 150,000-square-foot boutique shopping district called NoLi, which is short for North Lincoln Road.
