MIAMI—Rapid appreciation. That's perhaps the best way to describe commercial real estate on historic Flagler Street. It's clear that Flagler street is back en vogue.

But it's not just Flagler Street. Other areas in and around Downtown Miami are also reporting rapid appreciation. That begs the question: Are we overheating?

GlobeSt.com caught up with Alex Zylberglait, senior vice president of Investments and senior director of the National Office and Industrial Practice Group at Marcus & Millichap, to get more insights into the market in the final installment of this exclusive interview series. The bottom line is this: It's more than just Flagler Street that's seeing triple-digit appreciation.

GlobeSt.com: Can you give us examples of other properties that show a drastic price appreciation?

Zylberglait: In January 2015, a company led by Israeli investor Moishe Mana acquired 48 and 76 East Flagler Street, also known as Flagler Station, for $35 million. That price up 192% from the previous $12 million sale in 2012. The 1.1-acre lot has buildings of 113,742 and 47,339 square feet. The deal fetched about $217 per square foot. 

In January 2015, Aria 501 Acquisitions LLC paid $8.25 M, or about $432 per square foot, for a building at 501 Northeast 1 Avenue. Public records show the two-story, 23,800-square-foot property sold for $1million in 1995 and its taxable value is $1.4 million.

Another significant deal includes the sale of a two-acre development site at 300-330 Biscayne Boulevard in November 2014. PMG Downtown Developers acquired the site for $80 million, up from a $31.75 million sale price in 2005. The site appreciated more than 250 percent, including development entitlements.

GlobeSt.com: When it comes to commercial properties ranging from $1 million to $20 million, what other areas in Miami are seeing a rapid appreciation?

Zylberglait: Areas with high barriers to entry such as Aventura, Sunny Isles Beach, Miami Beach, and Coral Gables are showing strong appreciation as both domestic and foreign investors try to "lock in" assets for the long term and for multi-generational purposes. These are all areas that are also investing heavily in their infrastructure and maintaining high quality of life standards. Areas that are focus of public investment are often followed by a flurry of private investment.