MARCUS & MILLICHAP ARRANGES THE SALE OF A 68,142-SQUARE FOOT OFFICE BUILDING IN MIAMI FOR $7.8 MILLION
MIAMI, FL, June 3, 2015 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Dadeland Executive Center, a 68,142-square foot office property located in Miami, FL. The asset sold for $7,800,000.
Alex D. Zylberglait, a Vice President Investments in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a private investor from Miami, FL. Zylberglait also secured and represented the buyer, an operator from Coral Gables.
“This deal represented a tremendous opportunity for an investor to modernize the asset and raise rental incomes significantly through higher occupancy as well as through lease renewals. The building also offers potential corporate users an ability to secure space, including a 9,500-square foot penthouse with outstanding building signage visibility,” says Zylberglait.
Dadeland Executive Center is an 11-story, Class-B office building anchored by AT&T. The building, which at the point of sale was 71% occupied, also houses a variety of tenants who provide legal, accounting and other professional services.
The property is situated off the intersection of South Dixie Highway (US1) and the Palmetto Expressway (SR 826) in the downtown Kendall/Dadeland area. Dadeland Executive Center is located at 9700 South Dixie Highway in Miami, FL.