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James O. Buckingham And Michael R. Haggerty Acquire Warehouses For $84.49M With Lender State Farm
SOLD
$84,490,000
Florida
See Similar DealsIndustrial722,922 SF
Sold 01/03/2025
SOLD
James O. Buckingham And Michael R. Haggerty Acquire Warehouses For $84.49M With Lender State Farm
10165 Northwest 142nd Street & 9880 Northwest 25th Street
See Similar DealsIndustrial722,922 SF
Sold 01/03/2025
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$116
Total Square Footage:722,922 SF
Transaction Type:Sale
The property asset involved in this transaction is an industrial asset located at 10165 Northwest 142nd Street & 9880 Northwest 25th Street in the Hialeah Gardens & Doral market. The sale price of the property is $84,490,000, encompassing a total square footage of 361,461 and a price per square foot of $234. The total acreage for this asset is 22.16 acres.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $84,490,000
- Buyer: James O. Buckingham & Michael R. Haggerty - TA Realty; Edward W. Easton - Easton Group
- Seller: Phil A. Belling - LBA Realty
- Lender: State Farm Mutual Automobile Insurance Co.
The transaction includes the acquisition of two warehouses, specifically the Northwest Dade Logistics Center II in Hialeah Gardens for $58.29 million and the Badia Distribution warehouse in Doral for $26.2 million. The Easton Group and TA Realty executed the deals representing a significant investment in Miami-Dade County.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,506,133.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$300,175.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$400,525.70
Annual Debt Service$4,806,308.46
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