Jenny Bernell Acquires Development Site In Miami's Arts And Entertainment District For $19.75M
SOLD
$19,750,000
Florida
See Similar DealsDevelopment Site260,764 SF
Sold 05/19/2022
SOLD
Jenny Bernell Acquires Development Site In Miami's Arts And Entertainment District For $19.75M
1550 Northeast Miami Place, Miami, Florida 33132, United States
See Similar DealsDevelopment Site260,764 SF
Sold 05/19/2022
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$75
Total Square Footage:260,764 SF
Transaction Type:Sale
The development site located at 1550 NE Miami Pl in the Arts and Entertainment District of Miami has been sold for a price of $19,750,000. The property spans a total of 37,252 square feet, with a price per square foot of $530. The buyer, Jenny Bernell from Clearline Real Estate, completed the transaction with the seller, Kluger Family. The seller's representatives in the deal were Mika Mattingly and Cecilia Estevez from Colliers International.
Summary of transaction details
- Property Type: Development Site
- Sale Price: $19,750,000
- Square Footage: 37,252
- Price per Square Foot: $530
- Buyer: Jenny Bernell - Clearline Real Estate
- Seller: Kluger Family
- Seller's Representatives: Mika Mattingly & Cecilia Estevez - Colliers International
Jenny Bernell from Clearline Real Estate took part in the transaction as the buyer, while the seller was Kluger Family. Mika Mattingly and Cecilia Estevez, representing Colliers International, served as the seller's representatives. This deal reinforces the value of the property asset and the active market in the Arts and Entertainment District of Miami.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,053,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$70,167.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$93,625.08
Annual Debt Service$1,123,500.91
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