CHICAGO, IL – December 16, 2021 – STREAM Capital Partners, the leading national net lease and sale leaseback advisory group, served as the exclusive real estate advisor to Amerant Bancorp Inc (NASDAQ: AMTB), (the “Company” or “Amerant”) for the $135 million sale leaseback of its corporate headquarters property in Coral Gables, FL. The subject property, a 177,000 square foot Class A office building and attached indoor parking facility with 400 spaces, is located at 220 Alhambra Place in Coral Gables, FL. At the time of the sale, it was over 90% occupied by multiple tenants, with Amerant Bank as the master tenant.
Amerant is leasing back the property for a period of 18 years from the time of closing. The buyer was an institutional buyer.
“The current market conditions, combined with the terms of the leaseback agreement, make this a very positive move for the Company both in the near and long term,” said Jerry Plush, vice chairman & CEO of Amerant. “We previously stated that one of our goals was to reduce the level of fixed assets on our balance sheet, and this transaction is a significant step towards achieving that.”
Plush added, “We fully intend to maintain our corporate headquarters in the city of Coral Gables and continue to support the surrounding community for many years to come.”
Jonathan Wolfe, Jordan Shtulman and Sasha Dominguez of STREAM Capital Partners represented Amerant in the transaction.
“This was a very positive transaction for Amerant and the buyer, said Wolfe. The seller was able to maximize value for the asset in the strongest sale leaseback market on record and the buyer was able to acquire a Class A office property in South Florida master leased to a strong credit tenant in Amerant.”
Dominguez added that “the South Florida real estate market is attracting capital from across the globe. We expect to see many more companies in South Florida looking to sell and lease back their corporate-owned real estate as the valuations are extremely attractive today.”
Read article on South Florida Business Journal