MIAMI—Without much office construction in the urban core, investors are looking for good buys to hold. Of course, there's not much in the way of $100 million-plus trophy assets on the market either. Some investors are grabbing what they can get at a price they can afford.

A Miami private investor just acquired 219 East Flagler Street, a 42,123-square foot office property in Miami. The asset sold for $9 million, representing $214 per square foot.

Alex D. Zylberglait, a first vice president investments, and Ryan T. Shaw, an associate vice president investments, in Marcus & Millichap's Miami office, represented the seller, a Miami-based limited liability. What made the deal attractive?

“The building is currently stabilized with below market rents, which provides an opportunity for the buyer to lease the property at higher rents,” says Zylberglait. “The majority of the spaces are small and would command executive suite rates.”

Located at 219 East Flagler Street, the asset sits in the heart of Downtown Miami on the city's most travelled street. The office building will benefit from the city's planned improvements, which include more Flagler Street pedestrian space allowing for new restaurants and cafes.

“This six-story office building with ground floor retail is approximately 42,000 square feet and was built in 1984,” Zylberglait says. “The building recently underwent extensive renovations including its lobby, new HVACs on each floor, a cooling tower and a new sprinkler system.”