Kerdyk Real Estate negotiates $6.5 million purchase and sale of Hialeah Mall
Coral Gables-based Kerdyk Real Estate managed the $6.5 million cash purchase and sale of a 10,274 square foot strip mall at 1435 W. 49 St. in Hialeah.
The buyer was First American Bank (American Real Estate Investment No. 8 LLC), a $6 billion bank based in the Chicago metro area, which plans to move its existing Hialeah branch to 611 W. 49 St. in a part of the mall. space. The seller was EM Shopping Center.
“We believe in community and chose to invest in the new Hialeah site because we are a long-term player,” said Brian Hagan, Florida Market President for First American Bank. “Florida is an important market for us with huge growth opportunities.”
According to Hagan, construction plans for the new 3,000 to 5,000 square foot Hialeah branch are in the works and will include the addition of a drive-thru lane and other amenities. First American Bank has a total of six banking locations in South Florida and 61 locations nationwide.
“By purchasing the property, First American Bank’s investment indicates that they will remain in the community for the long term. Typically, most banks lease their branches due to less in-person interaction, increased technology, and more bank mergers,” said William H. “Bill” Kerdyk Jr., President and CEO of Kerdyk Real Estate. John-Paul Piedra and William Colas, partners of Kerdyk Real Estate, represented both the buyer and the seller in an “off-market” transaction.
Founded in 1926, Kerdyk Real Estate is one of South Florida’s largest independent, full-service companies specializing in the rental, sale and management of commercial and residential properties.
For more information, visit www.kerdyk.com.
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