Updated Nov 28, 2024
Urban Street Development Sells Mixed-Use Development Site In Fort Lauderdale For $57.4M By Buyer Hines - Jeff Hines
501 North Andrews Avenue, Fort Lauderdale, FL, USA
$57,410,000
$7,175/SF
Building Size
8,001 SF
Asset Type
Development Site
Closing
Oct 4, 2021
About this deal
AI
A mixed-use development site in Fort Lauderdale has been sold for a total of $57,410,000. The property is located at 501, 511-515, 535, 545 North Andrews Avenue; 500-508, 510, 512, 516, 528, 530 and 548 Northwest First Avenue; and 10 Northwest Sixth Street. The sale took place on October 4, 2021.
Summary of transaction details
- Property Type: Mixed-use Development Site
- Transaction Amount: $57,410,000
- Buyer: Hines - Jeff Hines
- Seller: Urban Street Development - Alan Hooper; Restaurant People - Tim Petrillo
The buyer of the property is Jeff Hines from Hines. On the other hand, the sellers are Alan Hooper from Urban Street Development and Tim Petrillo from Restaurant People.
Players
Fort Lauderdale Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93