Updated Apr 1, 2025
UPP Global Leases Development Site At 255 Northeast 1st Street Miami For $24 Million
255 Northeast 1st Street
$8
$8/SF
Building Size
257,712 SF
Asset Type
Development Site
Closing
Jan 15, 2025
About this deal
AI
The property is a development site located at 255 Northeast 1st Street in Miami. It has an asking rent of $9 per square foot and spans a total of 257,712 square feet. The lease is structured as a NNN Lease with a term of 10 years.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $24 million
- Tenant: UPP Global
- Broker: Shai Ben Ami - Urban Core
- Lease Term: 10 years
- Asking Rent: $9/ft
Shai Ben Ami from Urban Core represented the interests of the asset in this transaction. The deal is supported by a premier national parking operator secured under the lease, indicating strong income potential and future growth prospects due to substantial development rights associated with the property.
On the Map
$8
$8/SF
Development Site
View full map
Players
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Lease transactions
Loading comparables…
Deal FAQ
Visit Shai Ben Ami to view all their deals.
Browse Miami development site leases on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1982875.00%
Cash-on-Cash
-566711.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93