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| Benjamin H. Silver |
MIAMI BEACH, 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 820 Arthur Godfrey, a
20,915-square foot office property located in Miami Beach, FL, according to Ryan Nee, vice president/regional
manager of the firm’s Fort Lauderdale office. The asset sold for $5,600,000.
“The Property represents a
best in class office building within the Arthur Godfrey corridor, an infill
market which has seen very low turnover and no new office delivery within the
last 20 years. This unique modernized office space should command a premium in
the market as the new owner fills up the vacant space,” states Benjamin H. Silver, First Vice
President of Investments, in Marcus & Millichap’s Fort Lauderdale office.
Silver and Douglas K. Mandel, Senior Managing
Director, both in Marcus & Millichap’s Fort Lauderdale office, had the
exclusive listing to market the property on behalf of the seller, a limited
liability company, and procured the buyer, a private investor out of
California.
“The buyer’s plan to
convert the building into a modern shared workspace environment will help
revitalize a more mature market and bring new energy to the area,” adds Mandel
820 Arthur Godfrey is
located at 820 Arthur Godfrey Road in Miami Beach. The property features a new façade with
floor-to-ceiling impact glass, a modernized lobby with private parking garage
on the ground floor and three full floors of state-of-the-art office space
above, with modernized interior finishes.
Situated in the heart of
the Miami Beach commercial submarket, the property’s premier position provides
excellent visibility and heavy vehicle and pedestrian traffic along Arthur
Godfrey Road.
For more information on this news release, please
contact:
Ryan Nee
Vice President / Regional
Manager, Fort Lauderdale
(954) 245-3400
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