Marcus & Millichap's Zylberglait Arranges Sale Of 2 Miami Office Buildings

Marcus & Millichap 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,” commented 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.
In a separate transaction, Zylberglait represented the seller, a limited liability company from Miami, and the buyer, a limited liability company from North Miami in the sale of 2929 SW 3rd Avenue, an 18,820-square foot office property located in Miami.
The asset sold for $2,800,000.
 

“This was an opportunity for an investor to acquire a well-maintained, 21-unit building in the heart of the Coral Way submarket. The Coral Way corridor of Miami benefits from its proximity to the cultural center of downtown Miami, the Brickell Avenue financial district and the Coral Gables Central Business District,” said Zylberglait.

The six-story, multi-tenant office building was built in 1973 and is constructed of concrete block. There are 38 assigned parking spaces, including covered parking on the first floor.
 

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