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| 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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