Private Investor Buys Office Building for $14M

MIAMI BEACH-An office building located in the city’s Art Deco district has been sold for nearly $14.4 million. A local private investor purchased the building from a New York-based private investor.The 11-story building, called Michigan at 17th, has 82,154 rentable sf of space and a multi-level, indoor parking garage that has 160 parking spaces. An adjacent 7,951-sf tract of land, suitable for development of a 13,500-sf building with ground-floor retail space, second-story office space and two levels of parking attached to the existing garage, was also part of the sale.In the last three years, the building underwent about $4 million in renovations to its common areas and tenant spaces. The property was sold at a 8.65% market capitalization rate.Kirk Felici, an investment specialist in Marcus & Millichap Real Estate Investment Brokerage Co.’s Fort Lauderdale, FL, office, represented the seller in the transaction. Mark Wohl, also in the company’s Fort Lauderdale office, secured the buyer.