Suburban Office Complex Hits Market for $89 Per SF

MIAMI-A local private investor has put a three-building office complex at the intersection of NW 36th Street and NW 66th Avenue up for sale for $12 million or just over $89 per sf. Called Northwest 36 Center, it has an aggregate of 134,524 sf on 3.5 acres.

The buildings were built between 1971 and 1973 and have undergone significant improvements, according to Alex Zylberglait, an investment specialist in the Fort Lauderdale office of Marcus & Millichap. Zylberglait is marketing the property and tells GlobeSt.com it is 71% occupied, primarily by local government and business entities. The asking rental rate, he says, is approximately $18 per sf.

The buildings are across from Miami International Airport in the suburban village of Virginia Gardens, “minutes from downtown Miami, Doral and Coral Gables,” Zylberglait says, adding, “the asset has significant upside rental and occupancy.”