GLP Capital Partners Acquires Development Site In Doral For $55M
SOLD
$55,000,000
Florida
See Similar DealsIndustrial495,073 SF
Sold 02/08/2021
SOLD
GLP Capital Partners Acquires Development Site In Doral For $55M
7777 Northwest 41st Street, Doral, FL, USA
See Similar DealsIndustrial495,073 SF
Sold 02/08/2021
Summary
FLORIDA
Asset Type:Industrial
Price Per Square Foot:$111
Total Square Footage:495,073 SF
Transaction Type:Sale
A development site in Doral has been sold for $55,000,000. The property, located at 7777 Northwest 41st Street, spans across 24 acres, resulting in a price per acre of approximately $2,291,667. The transaction took place on February 8, 2021.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $55,000,000
- Address: 7777 Northwest 41st Street
- Market: Doral
The buyer of the development site is GLP Capital Partners, represented by Alan Yang. The sellers are Terra, led by David Martin, and Terranova Corp., led by Stephen Bittel.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,933,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$195,403.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$260,728.06
Annual Debt Service$3,128,736.72
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