Macklowe Properties Acquires Development Site In Kendall For $31.9M
SOLD
$31,900,000
Florida
See Similar DealsDevelopment Site
Sold 04/14/2022
SOLD
Macklowe Properties Acquires Development Site In Kendall For $31.9M
Southwest 70th Avenue, Miami, Florida 33143, United States
See Similar DealsDevelopment Site
Sold 04/14/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
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
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,701,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$113,333.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$151,222.27
Annual Debt Service$1,814,667.30
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