MIAMI—Alcazar Tower, a three-story, 37,000-square foot office building in Coral Gables, FL, has traded hands. The tower sold for $6.75 million, which equals $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, represented the seller, a limited liability company from Miami Beach. The duo also secured the buyer, a limited liability company from Miami.

“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,” Silver says. “The buyer was attracted to the value-add opportunity of improving the common areas and leasing the remaining vacant space.”

Designed by Arquitectonica and constructed in 1986, the office tower offers 36,440 rentable square feet and an attached 28,310-square-foot private parking garage. The building features marble common areas, high-speed elevators, covered parking, and 24-hour security and key card security access.

“The new ground floor bank tenant is an ideal anchor for the property,” says Silver. “That space alone brings up the quality of the entire building and should help pave the way for a substantial increase in leasing demand.”

Located at 2151 Le Jeune Road in Coral Gables, Alcazar Tower has visibility and access from Alcazar Avenue and Le Jeune Road, a main north-south thoroughfare in Coral Gables. The office building is in walking distance to Alhambra Avenue and Miracle Mile.