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Southwest 85th Street Dadeland

Jon Paul Pérez Of Related Group Acquires Development Site In Miami For $20 Million
SOLDDevelopment Site

Jon Paul Pérez Of Related Group Acquires Development Site In Miami For $20 Million

$20,000,000

Building Size

Asset Type

Development Site

Closing

Jul 1, 2025

AI

A development site measuring 1.64 acres located at Southwest 72nd Avenue & Southwest 85th Street in Miami was sold. The property was purchased for $20,000,000, reflecting a decrease from its previous sale price of $31.9 million in 2022. The site was previously planned for a 25-story, 650-unit tower by Macklowe Properties and is strategically positioned near the Dadeland North Metrorail Station, providing access to transit-oriented development opportunities amid newly approved zoning incentives.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $20,000,000
  • Buyer: Jon Paul Pérez - Related Group
  • Seller: Harry Macklowe - Macklowe Properties
  • Lender: City National Bank of Florida
  • Location: Southwest 72nd Avenue & Southwest 85th Street, Miami
  • Acres: 1.64

The transaction involved Jon Paul Pérez representing the Related Group as the buyer, while Harry Macklowe served as the seller for Macklowe Properties. The financing for the purchase was provided by City National Bank of Florida.

Players

Jorge Pérez

Related Group

Buyer

$2.2B

vol

27 deals

Buyer
Related Group
Related GroupBuyer

Harry Macklowe

Macklowe Properties

Seller

$488.6M

vol

8 deals

Seller
City National Bank of Florida
City National Bank of FloridaLender

Market 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

0.79%

Cash-on-Cash

-0.23%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93