Saturday, June 20, 2015

Marcus & Millichap Arranges $9 Million Sale of 42,123-SF Office Building in Downtown Miami, FL

  

Alex D. Zylberglait
 MIAMI, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 219 East Flagler Street, a 42,123-square foot office property located in Miami. 

The asset sold for $9,000,000 representing $214 per square foot.

Alex D. Zylberglait, a first vice president investments, and Ryan T. Shaw, an associate vice president investments, in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company from Miami.  The buyer was a Miami private investor. 

“The building is currently stabilized with below market rents, which provides an opportunity for the buyer to lease the property at higher rents.  The majority of the spaces are small and would command executive suite rates,” says Zylberglait.

This six-story office building with ground floor retail is approximately 42,000 square feet and was built in 1984. The building recently underwent extensive renovations including: its lobby, new HVACs on each floor, a cooling tower and a new sprinkler system.

Located at 219 East Flagler Street, the asset is strategically situated in the heart of Downtown Miami on the city’s most travelled street.  The property will benefit from the city’s planned improvements which include more Flagler Street pedestrian space allowing for new restaurants and cafes.

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

Kirk A. Felici
First Vice President/District Manager
Miami, FL

(786) 522-7000

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