Thursday, February 26, 2015

Marcus & Millichap Arranges Sale of 30,373-SF Office Building in Miami, FL for $5.1 Million

172 West Flagler Street, Miami, FL

Drew A. Kristol
 MIAMI, 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 172 West Flagler Street, a three-story office building with ground floor retail, located in Miami. 

The asset sold for $5,100,000.

Ryan T. Shaw, an associate vice president investments, and Drew A. Kristol and Kirk D. Olson, vice president investments, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami.  The buyer was a limited liability company from Jersey City, NJ.

“The property is located 1,500 feet from the Miami River, which is seeing a renaissance with not only restaurants like Salt & Pepper, Garcia’s and River Seafood & Oyster Bar, but also residential development projects like Flagler on the River,” says Shaw.

Ryan T. Shaw
“The subject property is approximately 50 percent occupied, with most tenants on short-terms leases allowing for the vacant space to be leased at market rates.”

The two anchor tenants are Federal Credit Union and Subway. The property also lends itself to future development with the current zoning allowing for 316,800 buildable square feet with a variety of uses from approximately 165 residential units to 330 hotel units.

Situated at the southeast corner of West Flagler Street and SW 2nd Avenue, the building is located at 172 West Flagler Street in Miami, FL.

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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