Iconic Equities Acquires Miami Industrial Property For $29.24M
3500 Northwest 24th Street
$29,240,000
$138/SF
Building Size
211,000 SF
Asset Type
Industrial
Closing
Oct 16, 2023
AI
A warehouse near Miami International Airport has been sold for $29.24 million. The property, located at 3500 Northwest 24th Street, spans 2.6 acres and offers 143,136 square feet of space. The transaction took place in the Miami market.
Summary of transaction details
- Property Type: Industrial
- Sale Price: $29,240,000
- Square Footage: 143,136
- Price per Square Foot: $204
- Address: 3500 Northwest 24th Street
- Market: Miami
- Seller: Miami SC Leasehold LLC - Isaac M. Neuberger
- Buyer: Iconic Equities - Tim Bishop
The buyer, Iconic Equities, made the purchase through its affiliate, BGO IE Sky Chefs LLC. The sale included a ground lease valued at $20.89 million and property improvements worth $8.35 million. The warehouse is strategically located near the airport, benefitting from its strong flight growth and serving LSG Sky Chefs, a catering service for airlines. The transaction aligns with Iconic Equities' investment strategy in the industrial sector.
Players
Miami Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.54%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93