Daily limit: 0/10
Terra And Lion Development Group Acquire Development Site In Miami For $40M
SOLD
$40,000,000
Florida
See Similar DealsDevelopment Site
Sold 06/26/2023
SOLD
Terra And Lion Development Group Acquire Development Site In Miami For $40M
3501 NE 1st Ave, Miami, FL 33137
See Similar DealsDevelopment Site
Sold 06/26/2023
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
Terra and Lion Development Group have purchased a vacant property in Midtown Miami for $40 million. The property is located at 3501 Northeast First Avenue and spans 1.6 acres. The sale was completed on June 26, 2023.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $40,000,000
- Address: 3501 Northeast First Avenue
- Market: Miami
- Acres: 1.6
The buyer of the property is Terra, represented by David Martin, and Lion Development Group, represented by Michael Simkins. The seller, Midtown Opportunities IB LLC, was represented by Rene Altamirano and Adriani Danos. The lender for the transaction was Metropolitan Community Bank.
Terra and Lion Development Group plan to collaborate with architects Arquitectonica and Yabu Pushelberg to build a condominium on the vacant property. Construction is scheduled to begin in 2024.
Players
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Similar Buyers
Unlock All Profiles
Upgrade to Traded Pro for full access to every deal, profile & market insight.Unlimited deal views
Access investor profiles & contacts
Exclusive comps & market data
Go Pro
Similar Brokers
Search Address Tool
Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map.NEW!
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
Is there something missing? Send suggestions