JP Morgan Chase Buys Miami Beach Retail Branch

J.P. Morgan Chase bought back its retail banking branch in Miami Beach, paying a threefold premium since its sale 11 years ago. 

The finance giant paid $23.5 million for the 25,030-square-foot building at 1801 Alton Road in the Sunset Harbour neighborhood, property records show. The two-story property sits on a 1-acre site, facing Dade Boulevard.

J.P. Morgan Chase purchased the property for $4 million in 2010. Four years later, the current sellers, a Coral Gables-based entity managed by Dominic Cavagnuolo, acquired the building for $8 million.

A representative for the sellers could not be reached, while a spokesperson for J.P. Morgan Chase did not immediately respond to a request for comment.

Earlier this year, J.P. Morgan Chase’s competitor, Wells Fargo, sold its 6,654-square-foot retail branch next door at 1901 Alton Road for $15 million to the family office of developer Russell Galbut. The developer obtained a $54 million construction loan for a Whole Foods-anchored development, where Wells Fargo will operate a 4,000-square-foot retail location. 

J.P. Morgan Chase’s acquisition is also another example of retailers buying the properties they lease. Last year, nearby on Lincoln Road, Alo Yoga paid $17 million for a retail condo, where it plans to open a store and private gym. The activewear brand also bought its boutique in the Miami Design District for $22 million the year prior. 

Since 2024, grocer Publix has spent about $345 million buying seven retail centers it anchors in South Florida. 

Julia Echikson can be reached at jechikson@commercialobserver.com.