South Florida Office Building Sells for $10.3 Million

CORAL GABLES, Fla., Sept. 20, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, in conjunction with Coral Gables-based Mazzei Realty Services Inc., has brokered the sale of the Kendar office building, (top left photo) a 43,671-square foot five-story office building in Coral Gables. The sales price of $10.3 million equates to $236 per square foot.

Benjamin H. Silver (middle right photo), an associate director of the National Office and Industrial Properties Group (NOIPG) in Marcus & Millichap’s Miami office, helped broker the transaction between the buyer and the seller.

“South Coral Gables’ transactions of this magnitude are rare, although the submarket is fundamentally one of the top real estate markets in Florida,” says Silver.

 “The Kendar building is a very well-known property and one of the few Class B-plus office buildings that has maintained a mid-90 percent to high-90 percent occupancy rate throughout the recent downturn. The asset was meticulously managed and maintained by Mazzei Realty Services Inc., and represented the best in class for this market,” adds Silver.

The property is located at 1550 Madruga Ave. in Coral Gables, south of U.S. Route 1 and across from the University of Miami.

Built in 1970, the Kendar office building was 97 percent occupied at the time of the sale. The building’s tenants include Suchman Retail Group, Lawex Corp/Trialworks, DiBello, Lopez & Castillo, P.A., Mazzei Realty Services, Inc., Mark I. Rivlin, P.A., Dr. John T. MacDonald Foundation Inc. and The Ethel & W. George Kennedy Foundation Inc.

More than $1 million in major capital improvements were recently made to the building, including new elevators, a new roof and a new fire safety system.

Contact:

Stacey Corso

Public Relations Manager
(925) 953-1716