A single-tenant PNC Bank property on one of Coral Springs’ busiest commercial corridors sold this week for $5 million, a transaction real estate brokers say reflects robust investor interest in well-located retail land across South Florida.
Property details and location
The 4,212-square-foot, net-leased bank building at 2561 N. University Drive sits on a 2.01-acre parcel and was built in 2012. Marcus & Millichap, the brokerage that arranged the deal, said the buyer is a local investment company and the seller was a local private investor; neither party was publicly identified.
| Attribute | Detail |
|---|---|
| Address | 2561 N. University Drive, Coral Springs |
| Building size | 4,212 sq. ft. |
| Lot size | 2.01 acres |
| Year built | 2012 |
| Sale price | $5,000,000 |
Significance for Coral Springs retail corridor
Located along North University Drive near major grocers such as Publix, Trader Joe’s and Whole Foods Market, and directly across from The Walk at University mixed-use development, the site sits in an area brokers describe as difficult to replicate. The sale highlights investor appetite for commercially zoned land that offers both an operating income stream and long-term redevelopment potential.
Marcus & Millichap agents Alex Keller, Barry Wolfe and Alan Lipsky marketed the property on behalf of the seller and procured the buyer. In a statement included with the brokerage announcement, Keller framed the deal in the context of South Florida’s broader retail market:
“South Florida’s retail market remains strong. Great locations will always attract demand, making pricing the only real question.”
Keller added that investors are increasingly evaluating assets for their underlying land value and future possibilities beyond current leases. “For assets like this, investors are looking beyond the lease and recognizing the long-term value of the underlying real estate,” he said. “A two-acre site along a major South Florida retail corridor is difficult to replicate.”
Implications for residents and local economy
For Coral Springs residents, the transaction signals continued investor confidence in the city’s retail corridors. Possible long-term implications include:
- Potential redevelopment pressure as new owners consider alternatives to single-tenant use once leases expire.
- Opportunities for additional retail, office or mixed-use projects given the parcel size and prominent location.
- Near-term stability, as the property remains occupied by an established national bank with an operating lease.
PNC Bank operates more than 2,500 locations across 27 states and continues to occupy the Coral Springs site, providing an income stream that likely factored into the purchase price. The names of the buyer and seller were not disclosed in the brokerage announcement.
Market context
Local commercial brokers and investors have in recent years emphasized scarcity of prime retail parcels in South Florida, particularly along corridors with strong foot traffic and nearby anchors. The Marcus & Millichap team highlighted that this scarcity, coupled with long-term land value, is prompting buyers to look beyond immediate lease terms when evaluating transactions.
As Coral Springs continues to grow and the adjacent retail nodes evolve, properties like the PNC site will be watched closely by residents, municipal planners and commercial developers for clues about the city’s retail and development trajectory.
This article is based on the Marcus & Millichap announcement regarding the transaction and public information about the property. No additional parties were identified by name in the sale disclosures.
