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Office Building Goes for $150 Per SF but Price is Still Below 1981 Sale

MIAMI-Small, well-maintained structures continue to command top-of-the-line prices. A 7,563-sf, 45-year-old building in Coral Gables, FL has sold for $1.135 million, a sound market value but still below the $1.25 million tag it carried in 1981, brokers say.

By Alex Finkelstein | Updated on November 10, 2000

MIAMI-Small, well-maintained office buildings are always in demand but their per-sf-prices today are often comparable to the values of high-rise towers 10 times their size. The sale of a 7,563-sf Coral Gables, FL structure is an example. The 45-year-old structure at 67 Merrick Way went for $1.135 million or $150.61 per sf.

The price is considered current market value but it’s still below the $1.25 million the property sold for in 1981. The property went for $1 million in 1979. Gables Venture bought the Merrick Way building from Lolita Dixson who is carrying a purchase money mortgage for $740,000 at 9%.

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