Macklowe Properties Acquires Development Site In North Bay Village For $47.7M
8000 East Drive & 80120 East Drive
$47,700,000
$180/SF
Building Size
132,000 SF
Asset Type
Development Site
Closing
Oct 31, 2023
AI
Macklowe Properties has acquired a development site in North Bay Village for $47,700,000. The property, located at 8000-80120 East Drive, spans 132,000 square feet and was sold by Biscayne Sea Club. This transaction represents a price per square foot of $361.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $47,700,000
- Date: 10/31/2023
- Address: 8000-80120 East Drive
- Market: North Bay Village
The deal was facilitated by Armando Romero from BrokerNation Real Estate, who represented Macklowe Properties in the acquisition.
Players
North Bay Village 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
0.33%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93