Marcus & Millichap negotiated the sale of Michigan @ 17th, an 11-story office building in the heart of Miami Beach’s Art Deco district.
The value of the transaction was $14.4 million.
A New York-based private investor sold the property to a local private investor.
Michigan @ 17th has 82,154 rentable square feet of office space and a multilevel indoor parking garage with 160 parking spaces. Included in the sale is 7,951 square feet of land for development next to the building. This lot can be developed into a 13,500-square-foot building with ground-level retail, second-level office and two-level parking connected to the existing garage. Over the past three years, the building received approximately $4 million in renovations to the common areas and tenant spaces.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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