The Chase Bank Building in Miami Beach sold for $8 million, or $388 per square foot, Marcus & Millichap announced.
The 20,603-square-foot office property was purchased by a private investor from Miami Beach and sold by a Norfolk, Va.-based LLC.
Douglas Mandel, a first vice present of investments, and Benjamin Silver, an associate vice president of investments, at Marcus & Millichap’s Fort Lauderdale office had the exclusive listing on behalf of the seller. The buyer was represented by Jamie Medress, a senior vice president of investments and Mark Ruble, a first vice president of investments, at Marcus & Millichap’s Phoenix, Ariz. office.
“The Chase Bank Building was a highly sought after deal that received tremendous interest from investors across the country,” Silver said in a press release. “We generated dozens of offers at list price or higher within only a couple of weeks from going to market. Ultimately we went with an offer $800,000 above list price with no due diligence period and a 10-day close.” – Christopher Cameron