SJC Ventures And Nuveen Real Estate Acquire 10-Acre Development Site In Doral For $32M
$32,000,000
Building Size
—
Asset Type
Development Site
Closing
Jul 23, 2024
AI
A 10-acre development site located at Northwest 41st Street & Northwest 107th Avenue in the Doral market was sold for $32 million. The site is planned to accommodate an 89,000-square-foot project anchored by a Whole Foods Market, featuring restaurants, retail, and various service providers.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $32,000,000
- Buyer: Jeff Garrison, Jeff DeHart & Fain Hicks - SJC Ventures; Mike Sales - Nuveen Real Estate
- Seller: Bridge Industrial
- Buyer’s Representative: Michael Finkle - Koniver Stern Group
- Seller’s Representative: Mark Gilbert - Cushman & Wakefield
Construction of the Doral Marketplace is planned to commence this fall, with the anticipated openings to occur in the second half of the following year. This project reflects a significant investment in the Doral area by SJC Ventures and Nuveen Real Estate.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93