Morgan Property Group, LLC is pleased to announce the acquisition of two properties in the heart of Fort Lauderdale at the northeast corner of S. Federal Highway and SE 7th Street, for the development of a freestanding Florida Community Bank (FCB) branch.
MPG, through its affiliate Rio Vista Financial, LLC, acquired a 14,760 sq. ft. parcel of land from Caryl L. Henry Exempt Trust, represented by Bill Rotella of The Rotella Group, Inc. and the adjacent 4,800 sq. ft. parcel was acquired from Rio-Vista Saloon, LLC, represented by Kimberly Barbar of Stiles Realty.
Florida Community Bank has executed a long term lease for a 3,500 sq. ft. banking center, featuring a single-lane drive-thru and 24-hour ATM. Construction is expected to commence April with an anticipated opening in October 2015. “Florida Community Bank is excited to work with MPG to continue our expansion in the South Florida market. Our community banking standards of local decision making, exceptional customer service, client specific products and lending capacity benefit the local communities in which we live and serve,” said Kent Ellert, CEO and President of Florida Community Bank.
“We greatly value our working relationship with Florida Community Bank, as both a lender and tenant,” said George Morgan, CEO of MPG. “We are proud to be part of their expansion effort in South Florida and we wish them much success at this strategic downtown location.”
For over thirty-seven years, Morgan Property Group has been in the commercial real estate development and brokerage business. MPG focuses on neighborhood shopping centers, multi-tenant buildings, and single-tenant projects anchored by a variety of national and regional retailers. The company and its affiliates are developing multiple retail, mixed use, and urgent care medical projects throughout the Mid-Atlantic and Southeast. To find out more, follow Morgan Property Group on Facebook and Twitter @MPG_Development or visit our website at www.morganpg.com.
Florida Community Bank, a wholly owned subsidiary of FCB Financial Holdings (NYSE: FCB), is a statewide banking institution comprised of nine community banks. These community banks, now consolidated into a single statewide presence, form the solid foundation on which FCB is built. Today, FCB has 52 banking centers in Florida with a presence in most major Florida markets and approximately $6.0 billion in assets. The bank is rated Five Stars (Superior) by Bauer Financial, Inc.TM, the most widely followed bank rating firm in the nation. FCB is among the most highly capitalized banks with capital ratios more than double those required to be rated as “well capitalized” by regulatory agencies. For more information, visit FloridaCommunityBank.com.