Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 820 Arthur Godfrey, a 20,915-square foot office property located in Miami Beach, FL, according to Ryan Nee, vice president/regional manager of the firm’s Fort Lauderdale office. The asset sold for $5,600,000.

“The Property represents a best in class office building within the Arthur Godfrey corridor, an infill market which has seen very low turnover and no new office delivery within the last 20 years. This unique modernized office space should command a premium in the market as the new owner fills up the vacant space,” states Benjamin H. Silver, First Vice President of Investments, in Marcus & Millichap’s Fort Lauderdale office.

Silver and Douglas K. Mandel, Senior Managing Director, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, a private investor out of California.

“The buyer’s plan to convert the building into a modern shared workspace environment will help revitalize a more mature market and bring new energy to the area,” adds Mandel

820 Arthur Godfrey is located at 820 Arthur Godfrey Road in Miami Beach. The property features a new façade with floor-to-ceiling impact glass, a modernized lobby with private parking garage on the ground floor and three full floors of state-of-the-art office space above, with modernized interior finishes. Situated in the heart of the Miami Beach commercial submarket, the property’s premier position provides excellent visibility and heavy vehicle and pedestrian traffic along Arthur Godfrey Road.

About Marcus & Millichap (NYSE: MMI)

With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com