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| Blue Lagoon Executive Center, 5040 NW 7th Street, Miami, FL |
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| Douglas Mandel |
MIAMI, FL – Marcus
& Millichap Real Estate Investment Services, the nation’s largest real
estate investment services firm, has been appointed as the exclusive advisor
for the sale of the 82,333-square-foot Blue Lagoon Executive Center in
Miami. The price is set at $10.3 million, which equates to $125 per square
foot.
Douglas Mandel, senior director, and Benjamin Silver,
director, of Marcus & Millichap’s National Office and Industrial Properties
Group in Fort Lauderdale, are representing the seller, a Miami-based investment
group.
Developed in 1986,
the Blue Lagoon Executive Center is a multi-tenant office tower located just
south of the Miami International Airport in the Miami Airport West submarket at
5040 NW 7th St. The center includes an attached parking structure with 220
parking spaces.
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| Benjamin Silver |
The property will
undergo a number of major improvements, including new central HVAC systems,
exterior stucco and paint, parking lot resurfacing and striping and lobby area
modernization.
“These
improvements will help expedite the absorption of the property,” says Silver.
“Upon completion, the Blue Lagoon Executive Center will stand out as a
best-of-class product offered at a fraction of the replacement cost.”
For a complete copy of the company’s news release,
please contact:
Gina Relva
Public Relations
Manager
(925) 953-1716
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