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Naftali Group Acquires Development Site In Downtown Miami For $40.5M

Property Image
SOLD
$40,500,000
Bradley Arendt
Mika Mattingly
Cecilia Estevez

Florida

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Development Site44,500 SF
Sold 03/25/2022
the dealplayerscompscontact
Property Image
SOLD

Naftali Group Acquires Development Site In Downtown Miami For $40.5M

1016 NE 2nd Ave, Miami, Florida 33132, United States

See Similar Deals
Development Site44,500 SF
Sold 03/25/2022
Bradley Arendt
Mika Mattingly
Cecilia Estevez
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$910
Total Square Footage:44,500 SF
Transaction Type:Sale

Naftali Group has acquired a development site in Downtown Miami for $40,500,000. The property, located at 1016 NE 2nd Ave, boasts a total square footage of 44,500. The price per square foot comes to approximately $910.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $40,500,000
  • Address: 1016 NE 2nd Ave, Downtown Miami

The buyer, Naftali Group, successfully completed the acquisition from the seller, Akara Partners. The deal was facilitated by Mika Mattingly, Cecilia Estevez, and Bradley Arendt from Colliers Urban Core Division, representing both the buyer and seller as brokers.

Players

Mika Mattingly
Colliers
Mika Mattingly
34 deals$528.8M volume(786) 486-4391
BROKER
Cecilia Estevez
Colliers
Cecilia Estevez
20 deals$375.9M volume(786) 433-5393
BROKER
Bradley Arendt
Colliers
Bradley Arendt
16 deals$175.4M volume
BROKER
Naftali Group
Naftali Group
BUYER
AP
Akara Partners
SELLER

Details

SOLD
IMAGE: Mika Mattingly, Bradley Arendt & Cecilia Estevez DATE: 03/25/2022 ADDRESS: 1016 NE 2nd Ave MARKET: Downtown Miami ASSET TYPE: Development Site BUYER: Naftali Group (@Naftali_Group) SELLER: Akara Partners (@AkaraPartners) BROKERS: Mika Mattingly, Cecilia Estevez & Bradley Arendt - Colliers Urban Core Division SALE PRICE: $40,500,000 BSF: 1,100,000 ~ PPBSF: $37 SF: 44,500 ~ PPSF: $910

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,160,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$143,887.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$191,990.66
Annual Debt Service$2,303,887.95