Macklowe Properties Acquires Development Site In Kendall For $31.9M
Southwest 70th Avenue, Miami, Florida 33143, United States
$31,900,000
Building Size
—
Asset Type
Development Site
Closing
Apr 13, 2022
AI
A development site located at the intersection of SW 70th Ave and SW 85th St in Kendall has been sold for $31,900,000. The transaction took place on April 14, 2022. The property, situated in the Kendall market, was sold by Rilea Group and Euroamerican Holdings to LACINYC Corp, an affiliate of Macklowe Properties.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $31,900,000
- Date: April 14, 2022
- Market: Kendall
- Buyer: LACINYC Corp, an affiliate of Macklowe Properties
- Seller: Rilea Group & Euroamerican Holdings
- Seller's Rep: Charles Penan & Joel Zusman - Aztec Group
Charles Penan and Joel Zusman, representing Aztec Group, served as the seller's representatives in this deal.
Players
South 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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93