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| 21/22 Center, Coral Way, Miami, FL |
MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading
commercial real estate investment services firm with offices throughout the
United States and Canada, today announced it has arranged the sale of the 21/22
Center, an eight-story, 74,461-square-foot office and retail building on
Coral Way in Miami.
The $13 million sales price equates to $175 per square
foot.
Douglas
K. Mandel, a first vice president investments, and Benjamin H. Silver, an
associate vice president investments, both in Marcus & Millichap’s Fort
Lauderdale office, represented both principals in the transaction.
“The
21/22 Center is a stabilized asset that has received nearly $2 million in
capital improvements during the last two years, including new elevators,
chillers, common area upgrades and tenant improvements,” says Mandel.
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| Douglas K. Mandel |
The
office and retail building is located on the corner of Southwest 21st Avenue
and Coral Way at 2103 Coral Way in Miami. The location is between downtown
Miami’s Brickell financial district and Coral Gables’ central business
district.
The building is approximately one mile west of Interstate 95, three
miles southwest of downtown Miami, two miles east of downtown Coral Gables,
Fla. and just a few miles east of Miracle Mile.
The 21/22
Center features 18,356 square feet of ground floor retail space and 56,105
square feet of office space. The building was constructed in 1983 utilizing
cast-in-place isolated column footings and continuous footings. The exterior
walls are finished with painted stucco and the building is fitted with an
aluminum and glass curtain wall system and aluminum and glass windows.
An
attached five-story parking garage provides direct entrances to the office
building from the second through fifth floors. The parking facility
accommodates 172 parking spaces. The lower floors have an automated pay parking
system. Two parking spaces are reserved for electrical vehicles and have
charging stations.
For a complete copy
of the company’s news release, please contact:
Gina Relva
Public Relations Manager
Marcus & Millichap
(925) 953-1716
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