MIAMI, March 31, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Fontainebleau Park Office Plaza, a 49,150-square-foot office building in Miami, Florida. The two-story, 89-suite office property sold for $12.5 million.

Alex D. Zylberglait, CCIM, senior managing director investments in Marcus & Millichap’s Miami office, had the exclusive listing to market on behalf of the seller, a private family. The buyer, 175 LLC, a Florida Limited Liability Company, was also procured by Zylberglait. Marcus & Millichap Capital Corporation’s Robert Bhat, senior vice president, arranged acquisition financing.

“This asset offers tremendous upside with rents significantly below market located in the heart of Miami, minutes away from Miami International Airport with future redevelopment potential,” said Zylberglait.

Fontainebleau Park Office Plaza is located at175 Fontainbleau Boulevard, just west of West Flagler Street and the Fontainebleau Blvd Intersection. It is situated on a 3.09-acre parcel of land featuring 49,150-square-feet of rentable space.

The 1974-build consists of private offices and open floor space allowing for a wide range of uses and easy configuration. Fontainebleau Park is currently 97% occupied by a mix of medical and professional tenants.