Carpe Real Estate Partners Acquires Development Site In Wynwood, Miami For $27M
95 Northwest 29th Street, Miami, FL 33127
$27,000,000
$499/SF
Building Size
54,100 SF
Asset Type
Development Site
Closing
Dec 15, 2021
AI
A development site in Wynwood, Miami has been sold for a total price of $27,000,000. The property, located at 95 NW 29th St, encompasses a total of 54,100 square feet. The sale price per square foot amounts to $499, while the price per buildable square foot is estimated to be $62. The transaction took place on December 15, 2021.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $27,000,000
- Built Square Feet (BSF): 432,800
- Price per Buildable Square Foot (PPBSF): $62
- Square Feet (SF): 54,100
- Price per Square Foot (PPSF): $499
The buyer of the property is Carpe Real Estate Partners, represented by Erik Rutter and David Weitz from Carpe Real Estate Partners, as well as L&L Holding Company. On the other side of the transaction, the seller is Rubell Family Collection Realty, specifically Rubell Museum. The deal was facilitated by Stefano Santoro from Disruptive Real Estate.
Players
Miami 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
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93