First American Bank Acquires Retail Property In Hialeah For $6.5M

The property involved in the transaction is a retail asset located at 1435 W 49 Street in Hialeah. It is a 10,274 square-foot strip mall that was sold in an off-market cash purchase. The buyer, First American Bank, plans to relocate its existing Hialeah branch to part of the strip mall's retail space. The transaction took place on December 15, 2021, with a sale price of $6,500,000.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $6,500,000
• Address: 1435 W 49 Street, Hialeah
• Market: Hialeah

Kerdyk Real Estate represented both the buyer, First American Bank, and the seller in this transaction. The buyer, also known as American Real Estate Investment No. 8, LLC, is headquartered in Chicago and has a total of six bank locations in South Florida. The brokers involved in the deal were John-Paul Piedra and William Colas of Kerdyk Real Estate.

"Sales like these only happen when you have a broader sense of the market, which includes off-market opportunities that fit your client's needs. You need to have the client's vision in mind and execute," said John-Paul Piedra, the broker representing the buyer in the deal.