Amerant Bancorp announced that its subsidiary, 220 Alhambra Properties, has completed the sale of its Coral Gables, Fla., headquarters to FNLI Audax LLC, in an all-cash transaction at the disclosed price of $135 million.
The property located at 220 Alhambra Circle in Coral Gables, Fla., includes approximately 177,000 square feet in office space, 134,000 square feet in parking space, and serves as the corporate headquarters for Amerant Bancorp. As of Sept. 30, the net carrying value of the property was $71.3 million.
As part of this transaction, 220 Alhambra has entered into an 18-year triple-net leaseback agreement at an approximate rate of $43 per square foot during the first year. The company expects to record a right-of-use asset and lease liability of $91.4 million, in connection with this lease, as of Dec. 31, 2021.
“The current market conditions, combined with the terms of the leaseback agreement, make this a very positive move for the company both in t
