Coral Gables Office Building Fetches $293 PSF

Marcus & Millichap announced the sale of 1575 San Ignacio, a 30,668-square foot office property located in Coral Gables.  The asset sold for $9,000,000 representing $293 per square foot.
Baptist Health, which occupies 60 percent of the building, was the buyer.
Douglas K. Mandel, First Vice President Investments, and Benjamin H. Silver, a Senior Associate in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Coral Gables.
“Coral Gables is one of Miami-Dade County’s largest and most sought after employment centers. Many national and local office tenants prefer the ‘live, work and play’ atmosphere that Coral Gables provides,” says Silver.
1575 San Ignacio is a recently renovated office building.  The property also includes a 110-space private, covered parking garage and 5,000- square feet of retail bank space with covered drive-thru occupied by Gibraltar Private Bank & Trust.