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| Alcazar Tower, Coral Gables, FL |
CORAL GABLES, FL – Marcus & Millichap (NYSE: MMI), a
leading commercial real estate investment services firm with offices throughout
the United States and Canada, announced
the sale of Alcazar Tower, a three-story, 37,000-square foot office
building located in Coral Gables, Florida. The asset sold for $6,750,000
representing $185 per square foot.
Douglas K. Mandel, a first vice president
investments, and Benjamin H. Silver, a senior associate, in Marcus &
Millichap’s Fort Lauderdale office, had the exclusive listing to market the
property on behalf of the seller, a limited liability company from Miami
Beach.
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| Douglas K. Mandel |
The buyer, a limited liability company from Miami, was also
secured and represented by Mandel and Silver.
“Alcazar Tower represented an opportunity to acquire a
one-of -a-kind office building with a brand new bank lease and an attached
private parking garage,” says Silver.
“ The buyer was attracted to the value-add opportunity of
improving the common areas and leasing the remaining vacant space. The new
ground floor bank tenant is an ideal anchor for the property.
"That space alone brings up the quality of
the entire building and should help pave the way for a substantial increase in
leasing demand.”
Originally constructed in 1986 and designed by world
renowned architecture firm Arquitectonica, the property consists of 36,440
rentable square feet plus an attached private parking garage together totaling
64,750 square feet.
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| Benjamin H. Silver |
The building boasts attractive marble common areas,
high-speed elevators, covered parking, and 24-hour security and key card
security access.
Alcazar Tower has great visibility and access from Alcazar
Avenue and Le Jeune Road, a main north-south thoroughfare in Coral Gables and
it is just a short walk from Alhambra Avenue and Miracle Mile. Alcazar Tower is located at 2151 Le Jeune
Road in Coral Gables.
For a complete copy of the company’s news release, please
contact:
Kirk A. Felici
First Vice President/Regional Manager,
Miami, FL
(786) 522-7000
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