RLF Acquisitions LLC Purchases Property From Econo1 LLC For $7.5 Million In Miami
SOLD
$7,500,000
Florida
See Similar DealsCommercial164,432 SF
Sold 05/08/2017
SOLD
RLF Acquisitions LLC Purchases Property From Econo1 LLC For $7.5 Million In Miami
2401 NW 69th St, Miami, FL, 33147
See Similar DealsCommercial164,432 SF
Sold 05/08/2017
Summary
FLORIDA
Asset Type:Commercial
Price Per Square Foot:$45
Total Square Footage:164,432 SF
Transaction Type:Sale
The property involved in the transaction is a distribution warehouse located at 2401 NW 69th St, Miami, FL, 33147. It was sold for $7,500,000.00 and has a total area of 164,432 square feet. The asset includes a one-story warehouse and a two-story office as well as 27 dock-high loading positions that can accommodate up to 40 trucks along with a receiving ramp for an additional 13 trucks. The property currently serves as the headquarters for ECU Worldwide.
Summary of transaction details:
- Property Type: Distribution Warehouse
- Transaction Amount: $7,500,000.00
- Address: 2401 NW 69th St, Miami, FL, 33147
- Market: Miami
- Seller: Econo1 LLC
- Buyer: RLF Acquisitions LLC
- Seller's Representative: Jonathan Kingsley - Colliers International
The sale was brokered by Cushman & Wakefield Director Miguel Alcivar, Colliers Executive Vice President Jonathan Kingsley, and CBRE First Vice President Michael Silver, representing the sellers, Econo1 LLC, Joseph Luchese, and Michelle Gersten in the transaction. Additionally, attorney Norman Leopold assisted in negotiating the acquisition of an abandoned railroad spur from Miami-Dade County that traversed the property.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$400,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$26,645.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$35,553.83
Annual Debt Service$426,645.92
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