MARCUS & MILLICHAP ARRANGES THE SALE OF A 32,578-SQUARE FOOT OFFICE BUILDING IN MIAMI FOR $5.05 MILLION
MIAMI, FL, June 4, 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 1850 SW 8th Street, approximately 30,000 square feet of rentable office and retail space located in Miami. The asset sold for $5,050,000.
Alex D. Zylberglait, a first vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from Miami, and the buyer, a limited liability company from North Miami.
“This was an excellent opportunity for an investor to acquire office and retail space in the lively and bustling neighborhood of Calle Ocho,” says Zylberglait. “In addition to the office building, the offering also included two additional lots comprising 0.28 acres used as parking for the Praxis Institute. There is also additional rooftop cellular income from major mobile phone providers.”
The five-story building was built in 1972 and has ground floor retail and four floors of office suites. The majority of tenants include service professionals and businesses. The building has excellent frontage on busy SW 8th Street (Calle Ocho) and is centrally located minutes from the Palmetto Expressway (SR-836), Interstate 95, Miami International Airport, and Downtown Miami.