Miami investment entity buys PNC bank branch building

BUYER: Saint Genevieve Properties LLC (principal: Miguel Siman), Miami
SELLER: RBC Bradenton LLC
PROPERTY: 9105 Town Center Parkway, Bradenton
PRICE: $4.75 million
PREVIOUS PRICE: $4.79 million, August 2007
LAW FIRM ON DEED: Greensfelder Hemker & Gale PC, St. Louis

PLANS, DESCRIPTION: A company led by Miguel Siman of Miami purchased a 3,222-square-foot financial building in Lakewood Ranch for $4.75 million.

The price equated to $1,474 per square foot. That figure is higher than the two-year average price per square foot for retail space ($146) in the Tampa Bay area, according to the CoStar Group.

Located in San Marco Plaza, the 7-year-old building is leased to PNC Bank. The bank has a triple net lease on the building, which obligates it to pay all real estate taxes, insurance and repair and maintain the building. Eight years remain on the initial lease term.

Patrick Nutt, of the Calkain Cos. who represented the seller, says the passive investor was attracted by the credit worthiness of the tenant, terms of the lease and the underlying real estate.

“Being in Florida and more specifically Lakewood Ranch this was a highly sought after property,” he says. “PNC is the fifth or sixth largest financial institution in the U.S. right now. This was somewhat unusual in that most banks prefer ground leases. Landowners in that situation don't see any of the tax benefits from the deprecation of [real estate] improvements.”

Purchase entity Saint Genevieve Properties LLC mortgaged the property to Ocean Bank for $3.09 million.