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Ashley Powell's Property Reserve Acquires Hialeah's Beacon Logistics Park For $174.35 Million From Armando Codina's Codina Partners
SOLD
$174,350,000
Florida
See Similar DealsIndustrial1,588,143 SF
Sold 12/31/2023
SOLD
Ashley Powell's Property Reserve Acquires Hialeah's Beacon Logistics Park For $174.35 Million From Armando Codina's Codina Partners
4121 W 91st Pl, 4220 W 91st Pl & 4120 West 91st Place
See Similar DealsIndustrial1,588,143 SF
Sold 12/31/2023
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$109
Total Square Footage:1,588,143 SF
Transaction Type:Sale
Codina Partners, led by Armando Codina, sold Hialeah's Beacon Logistics Park for $174.35 million to Southeast Commercial LLC, an affiliate of Property Reserve. The transaction includes 21.4 acres of industrial land, consisting of three properties located at 4121 West 91st Place, 4220 West 91st Place, and 4120 West 91st Place in Hialeah. The properties offer a total of 529,381 square feet of space. The sale price amounts to $329 per square foot, reflecting the high demand for industrial space in Miami-Dade County.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $174,350,000
- Address: 4121 West 91st Place, 4220 West 91st Place, 4120 West 91st Place
- Market: Hialeah
- Square Footage: 529,381
Ashley Powell, representing Property Reserve, acted as the buyer in the transaction, while Armando Codina, representing Codina Partners, served as the seller. This sale demonstrates the strong interest in industrial properties in the Miami-Dade County area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,298,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$619,428.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$826,507.95
Annual Debt Service$9,918,095.39
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