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Masoud Shojaee Acquires Development Site In Miami For $34 Million

Property Image
SOLD
$34,000,000
Michael Fay
John Crotty
David Spillers
+ 3

Florida

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Development Site104,377 SF
Sold 04/28/2022
the dealplayerscompscontact
Property Image
SOLD

Masoud Shojaee Acquires Development Site In Miami For $34 Million

3650 Bird Rd, Miami, FL 33133

See Similar Deals
Development Site104,377 SF
Sold 04/28/2022
Michael Fay
John Crotty
David Spillers
+ 3
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$325
Total Square Footage:104,377 SF
Transaction Type:Sale

A development site located at 3650 Bird Road in Miami has been sold for a total of $34,000,000. The property spans 104,377 square feet and was sold at a price of $326 per square foot. The buyer of the property is Masoud Shojaee, while the sellers are Dan O'Malley and Carlos Bellosta.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $34,000,000
  • Address: 3650 Bird Road, Miami
  • Buyer: Masoud Shojaee
  • Sellers: Dan O'Malley and Carlos Bellosta

The deal was facilitated by the brokers Michael T. Fay, Brian C. de la Fé, John K. Crotty, David Duckworth, and David Spillers from Avison Young. The property has a building square footage (BSF) of 1,085,521, with a price per BSF of $31. This transaction marks a significant milestone in the Miami market, showcasing the demand for development sites in the area.

Players

John Crotty
Avison Young
John Crotty
51 deals$1.5B volume(305) 345-9567
BROKER
Michael Fay
Avison Young
Michael Fay
49 deals$1.4B volume(305) 447-7842
BROKER
David Duckworth
Avison Young
David Duckworth
44 deals$1.2B volume
BROKER
David Spillers
Avison Young
David Spillers
2 deals$41.6M volume
BROKER
Brian de la Fé
Avison Young
Brian de la Fé
46 deals$1.3B volume(305) 476-7134
BROKER
Masoud Shojaee
Masoud Shojaee
10 deals$424.1M volume
BUYER

Details

SOLD
IMAGE: David Spillers, Brian C. de la Fé, Masoud Shojaee, John K. Crotty, David Duckworth & Michael T. Fay DATE: 04/28/2022 ADDRESS: 3650 Bird Road MARKET: Miami ASSET TYPE: Development Site BUYER: Masoud Shojaee SELLER: Dan O'Malley & Carlos Bellosta BROKERS: Michael T. Fay (@Michaeltfay), Brian C. de la Fé (@Bcdelafe), John K. Crotty (@JohnkCrotty), David Duckworth & David Spillers - Avison Young (@Avison_Young_Global) SALE PRICE: $34,000,000 BSF: 1,085,521 ~ PPBSF: $31 SF: 104,377 ~ PPSF: $326

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

$1,813,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
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