The Melo Group Acquires Land In Miami For $16.5M With Joel Rodriguez As The Broker
1301 North Miami Avenue, Miami, FL, USA
$16,500,000
$471/SF
Building Size
35,000 SF
Asset Type
—
Closing
Aug 31, 2021
AI
The property involved in this closed transaction is a land located at 1301, 1304 North Miami Avenue, 1312, 1326 & 1334 Northeast Miami Court in Miami. The land has a size of approximately 35,000 square feet and was sold for a price of $16,500,000. This equates to a price per square foot of $471.
Summary of transaction details
- Property Type: Land
- Transaction Amount: $16,500,000
- Address: 1301, 1304 North Miami Avenue, 1312, 1326 & 1334 Northeast Miami Court
- Market: Miami
- Buyer: The Melo Group - Jose Luis Ferreira de Melo, Martin Melo & Carlos Melo
- Seller: The Robin H. Greene Trust; Art Center LLC & Art Center Developers LLC - Randy Levine
- Broker: Joel Rodriguez - Global Investments Realty
- Size: 35,000 square feet
- Price per Square Foot: $471
The buyer of the land is The Melo Group, represented by Jose Luis Ferreira de Melo, Martin Melo, and Carlos Melo. The seller is The Robin H. Greene Trust, Art Center LLC, and Art Center Developers LLC, with Randy Levine handling the transaction. Joel Rodriguez from Global Investments Realty served as the broker in this deal.
Players
Miami CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93