First Southern Bank was seeking a downtown Boca Raton location to relocate a retail branch, corporate offices and their operations center. We researched the market and identified a 30,000 four story office building adjacent to Mizner Park as a potential location. We worked closely with the landlord, Sterling American Properties of New York to develop a plan which included relocation of several existing tenants, cross parking agreement with an adjacent property, and approvals from the city for a retail bank branch including drive-thru lanes. We negotiated the lease and improvements to the property. The bank subsequently leased 12,000 square feet of office space.
Upon studying the rent roll, we concluded that the property was not achieving its maximum income. We approached Sterling with a brokerage proposal to fill up the building’s vacant space. ComNet Realty succeeded a nationally recognized brokerage company that failed to focus its efforts on the property for the previous two years. Within two months of the listing agreement, the building is now 90%+ leased with rents slightly above the market. We brought in professional management to the property to reduce costs and improve building systems. The building has been repositioned to increase its value by $2,000,000. We subsequently sold the property to a local investor at a below market Capitalization rate, a price that thrilled our client.