Marcus & Millichap Sells $19M Royal Palm Offices at Doral, FL

DORAL, Fla., May 13, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Royal Palm Offices (top left photo)  at Doral, a 122,000-square foot office building in Doral. The property commanded a sales price of $19 million.

Greg Zeifman, a senior associate, and Benjamin Silver, an associate, both located in the firm’s Miami office, secured the buyer, the American Welding Society, a New York City nonprofit organization. The seller was a limited liability company based in Coral Gables, Fla.

“This was an excellent transaction for both the buyer and the seller. The building met the buyer’s specific requirements for their expansion needs and the seller was able to get a very fair price from a qualified, all cash buyer who saw value in the asset,” says Silver.

“The building was delivered in shell condition except for 15 percent of the space, which was built-out and leased up prior to the sale. The American Welding Society plans to build-out and occupy approximately 50 percent of the facility for its new corporate headquarters and lease out the remaining space,” says Zeifman.

Built in 1972, the five-story office building was recently renovated. The five-acre property is located at 8669 NW 36th St. on the major intersection of Doral Boulevard and NW 87th Avenue across the street from The Doral Golf Resort & Spa.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716