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| Douglas K. Mandel |
CORAL GABLES, FL, April 30, 2015 – Marcus & Millichap
(NYSE: MMI), a leading commercial real estate investment services firm with
offices throughout the United States and Canada, today announced the sale of
255 University, a 10,455-square foot office property located in Coral Gables,
Fla.
The asset sold for $2,800,000 representing $267 per square foot.
Douglas K. Mandel,
a first vice president investments, Benjamin
H. Silver, an associate vice president investments, and Richard Niewiadomski, an 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
Coral Gables, Fla.
The buyer was also a
local Coral Gables resident who was in a 1031-exchange.
“Coral Gables has a high demand for executive office suites
and per square foot rents for this use are at a major premium,” says
Silver.
“We received multiple offers on
the property and achieved an above market price per square foot for a
traditional class-B investment property in this particular area.”
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| Benjamin H. Silver |
Constructed in 1958, 255 University features two floors of
office space. The property has had major renovations over recent years,
including marble floors, new impact windows and a new roof.
The property sits
at 249-255 University Drive just steps away from Ponce De Leon Boulevard, the
major north/south thoroughfare in Coral Gables.
For a complete copy
of the company’s news release, please contact:
Ryan Nee
Regional Manager
Fort Lauderdale, FL
(954) 245-3400
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