A six-story office building in downtown Miami sold for $9 million on Wednesday, or $214 per foot, more than three times its last sales price.
The 42,100-square-foot property at 219 E. Flagler St. last sold for $2.6 million in 2009, according to county property records.
“The building is currently stabilized with below market rents, which provides an opportunity for the buyer to lease the property at higher rents. The majority of the spaces are small and would command executive suite rates,” said broker Alex Zylberglait of Marcus & Millichap, which handled the sale, in a statement.
The buyer, described in a news release as a “private Miami investor,” was not disclosed. County records list the seller as 21 Investments LLC.
The building was built in 1984 and recently underwent a major renovation, according to Marcus & Millichap.