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Melo Group Acquires 2.8-Acre Development Site In Miami For $211.5M From Swire Properties
SOLD
$211,500,000
+ 2
Florida
See Similar DealsDevelopment Site
Sold 05/28/2025
SOLD
Melo Group Acquires 2.8-Acre Development Site In Miami For $211.5M From Swire Properties
799 Brickell Avenue
See Similar DealsDevelopment Site
Sold 05/28/2025
+ 2
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
Swire Properties sold a 2.8-acre development site located at 700-799 Brickell Avenue in Miami. The property was sold for $211.5 million in an all-cash deal. The previous plans for the site included a 1,000-foot One Brickell City Centre tower, which have since been scrapped.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $211,500,000
- Buyer: Martin Melo, Jose Luis Ferreira de Melo & Carlos Melo - Melo Group
- Seller: Henry Bott - Swire Properties
- Brokers: Robert Given & Troy Ballard - CBRE
- Acres: 2.8
Robert Given and Troy Ballard of CBRE represented the sale of the property. Melo Group has not yet announced any development plans for the recently acquired site.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$11,280,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$751,414.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,002,617.90
Annual Debt Service$12,031,414.83
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