Two Coral Gables Office Buildings Hit The Market

Marcus & Millichap Real Estate Investment Services has received the exclusive listing for two Coral Gables office buildings,  La Palma at 116 Alhambra and Alcazar Tower.
The 24,452-square foot La Palma at 116 Alhambra is being offered at $7,995,000 and the approximately 37,000-square foot Alcazar Plaza is listed at $8 million.
Douglas K. Mandel, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Benjamin H. Silver, a senior associate in the firm’s Miami office, are representing the sellers. A local limited liability company has La Palma at 116 Alhambra on the market and a Miami Beach-based limited liability company is offering Alcazar Plaza.
“The Coral Gables CBD is one of the preeminent office markets in Miami and a major draw to multinational businesses, national companies and local tenants,” says Silver, who recently facilitated the sales of nearby 1000 Ponce, the Kendar office building and the Minorca Executive Center.  “There are few markets as dynamic and in demand as Coral Gables right now,” Silver concludes.
Located at 116 Alhambra Circle, La Palma at 116 Alhambra is a historic office building with a gated central courtyard. The property is home to La Palma Ristorante, which has served patrons at this location since 1992.  Aside from the restaurant tenant, the office space is currently vacant.  Plans for the building include high-end executive suites.  The property can also accommodate traditional office space, an owner-user or a boutique hotel.
Alcazar Plaza is located at 2151 Le Jeune Road at the corner of Alcazar Avenue and Le Jeune Road. The three-story office building was designed by world-renowned architecture firm Arquitectonica and constructed in 1986. The property has an attached private parking garage and features marble common areas, high-speed elevators and 24-hour security.