Thursday, April 30, 2015

Marcus & Millichap Arranges $2.8 Million Sale of 10,455-SF Coral Gables, FL Office Building


Douglas K. Mandel
CORAL GABLES, FL, April 30, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 255 University, a 10,455-square foot office property located in Coral Gables, Fla. 

The asset sold for $2,800,000 representing $267 per square foot.

Douglas K. Mandel, a first vice president investments, Benjamin H. Silver, an associate vice president investments, and Richard Niewiadomski, an associate, in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Coral Gables, Fla.  

The buyer was also a local Coral Gables resident who was in a 1031-exchange.
“Coral Gables has a high demand for executive office suites and per square foot rents for this use are at a major premium,” says Silver. 

  “We received multiple offers on the property and achieved an above market price per square foot for a traditional class-B investment property in this particular area.”

Benjamin H. Silver
Constructed in 1958, 255 University features two floors of office space. The property has had major renovations over recent years, including marble floors, new impact windows and a new roof. 

The property sits at 249-255 University Drive just steps away from Ponce De Leon Boulevard, the major north/south thoroughfare in Coral Gables.


For a complete copy of the company’s news release, please contact:


Ryan Nee
Regional Manager
Fort Lauderdale, FL

(954) 245-3400

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