JPMorgan added another South Florida commercial property to its real estate portfolio this month, spending a combined $77 million 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 a 25,030-square-foot building housing JPMorgan’s Chase Miami Beach branch and offices at 1801 Alton Road, records and real estate database Visada show. The US Social Security Administration is also a tenant.
The buyer paid about $939 a square foot for the building, and $15.5 million over the last sale price 11 years ago.
An entity managed by Coral Gables-based investor Dominic Kagunolo bought the 1-acre site in 2014 for $8 million, according to records. According to Vezda, the two-story building was completed in 1982. The seller previously filed plans to redevelop the property into 5,000 square feet of retail and office space, but that plan is now off the table, according to Visada.
As of June, JP Morgan held $578 million in deposits at the Chase Alton Road branch, according to the Federal Deposit Insurance Corporation.
The banking company recently spent $53.7 million for the Shops at Heron Lakes, a 145,618-square-foot retail center in Coral Springs. A pair of single-story buildings sold for $9,369 per square foot. Tenants at The Shoppes at Heron Lakes include Crunch Fitness, The Fish Joint, Lefty’s Tavern & Grill, Clubman Minor, Pascual & Son’s Pizza Co. and Aldo Cleaners.
The Shoppes at Heroine Lakes traded for nearly $48 million more than its previous sale price two decades ago, reflecting investors’ continued confidence in South Florida’s retail sector.
In other recent Miami Beach commercial deals, the Michael Komram-led commerce company this month acquired a portfolio of Lincoln Road retail buildings for about $140 million, partially financed by a $117 million loan from San Francisco-based Accor Capital. Commerce plans to renovate the properties in a 150,000 sq ft boutique shopping district called Nolly, short for North Lincoln Road.
