Coral Way Office Asset Fetches $175 PSF

Marcus & Millichap has arranged the sale of the 21/22 Center, an eight-story, 74,461-square-foot office and retail building on Coral Way in Miami. The $13 million sales price equates to $175 per square foot.
Douglas K. Mandel, a first vice president investments, and Benjamin H. Silver, an associate vice president investments, both in Marcus & Millichap’s Fort Lauderdale office, represented both principals in the transaction.
“The 21/22 Center is a stabilized asset that has received nearly $2 million in capital improvements during the last two years, including new elevators, chillers, common area upgrades and tenant improvements,” says Mandel.
The office and retail building is located on the corner of Southwest 21st Avenue and Coral Way at 2103 Coral Way in Miami. The location is between downtown Miami’s Brickell financial district and Coral Gables’ central business district. The building is approximately one mile west of Interstate 95, three miles southwest of downtown Miami, two miles east of downtown Coral Gables and just a few miles east of Miracle Mile.
The 21/22 Center features 18,356 square feet of ground floor retail space and 56,105 square feet of office space. The building was constructed in 1983 and features an attached five-story parking garage, with designated parking spaces for electrical vehicles and have charging stations.