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| South Beach office condo, 1680 Michigan Avenue, Miami Beach, FL |
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| Arthur Porosoff |
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, announced it has received the exclusive listing
for a 15,863-square-foot office condo on the seventh floor of the 11-story
office building at 1680 Michigan Ave. in Miami’s South Beach neighborhood.
The listing price is
$10,000,000. Arthur Porosoff, vice president investments, and Ryan
Shaw, senior associate, both in Marcus & Millichap’s Miami office, are
representing the seller, a Miami Beach-based limited liability company.
“1680
Michigan is one of the few buildings in the Lincoln Road area with
floor-to-ceiling glass windows, an on-site parking garage and a concierge,”
says Shaw.
“The
100-percent-occupied seventh floor condo presents investors with an opportunity
to acquire a stable asset with a strong return in a desirable market with high
barriers to entry.
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| Ryan Shaw |
“The acquisition will provide the new owner with a range of
long- and short-term options, including occupying a portion of the space,
selling the 23 offices individually, selling the parking interest rights or
retaining the asset,” Shaw concludes.
The
office building is situated on the corner of Michigan Avenue and 17th Street in
Miami Beach, Fla. near both Interstate 395 (the MacArthur Causeway) and
Interstate 95 (the Julia Tuttle Causeway). Lincoln Road, South Beach’s
eight-block-long pedestrian walkway and shopping area, is next door.
For a complete copy of the company’s news release, please
contact:
Gina Relva,
Public Relations Manager
(925) 953-1716
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