Buyer Pays $185 PSF For Coral Gables Office Building

Marcus & Millichap arranged the sale of Alcazar Tower, a three-story, 37,000-square foot office building located in Coral Gables, Florida. The asset sold for $6,750,000 representing $185 per square foot.
Douglas K. Mandel, a first vice president investments, and Benjamin H. Silver, a senior 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 Miami Beach.  The buyer, a limited liability company from Miami, was also secured and represented by Mandel and Silver.
“Alcazar Tower represented an opportunity to acquire a one-of -a-kind office building with a brand new bank lease and an attached private parking garage. The buyer was attracted to the value-add opportunity of improving the common areas and leasing the remaining vacant space. The new ground floor bank tenant is an ideal anchor for the property.  That space alone brings up the quality of the entire building and should help pave the way for a substantial increase in leasing demand,” says Silver.
Originally constructed in 1986 and designed by world renowned architecture firm Arquitectonica, the property consists of 36,440 rentable square feet plus an attached private parking garage together totaling 64,750 square feet. The building boasts attractive marble common areas, high-speed elevators, covered parking, and 24-hour security and key card security access.
Alcazar Tower has great visibility and access from Alcazar Avenue and Le Jeune Road, a main north-south thoroughfare in Coral Gables and it is just a short walk from Alhambra Avenue and Miracle Mile.  Alcazar Tower is located at 2151 Le Jeune Road in Coral Gables.