Updated Oct 29, 2026
Bahram Akradi Of Life Time Group Leases 20-Year Development Site From Russell Galbut In Miami
3180 Biscayne Boulevard
Building Size
—
Asset Type
Development Site
Closing
Oct 28, 2026
About this deal
AI
The asset involved in the transaction is a 2.6-acre development site located at 3180 Biscayne Boulevard in Miami, Florida. It is situated in the Edgewater neighborhood, where the future mixed-use project will include two towers, 1,307 apartments, and nearly 98,729 square feet of commercial space.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: Not specified
- Address: 3180 Biscayne Boulevard
- Market: Miami, FL
- Landlord: Russell Galbut - Crescent Heights
- Tenant: Bahram Akradi - Life Time Group
- Lease Terms: 20-year lease with four five-year extension options
The transaction features Russell Galbut representing Crescent Heights as the landlord and Bahram Akradi representing Life Time Group as the tenant. Life Time's lease signifies its commitment to anchor a substantial development in the area, contributing to the growth of the Edgewater neighborhood.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93