Updated Oct 29, 2024
Faropoint Acquires Miami Gardens Industrial Property For $6.1M
900 Northwest 159th Drive
$6,100,000
$190/SF
Building Size
32,082 SF
Asset Type
Industrial
Closing
Dec 7, 2022
About this deal
AI
A free-standing ±32,082-square-foot distribution center located at 900 Northwest 159th Drive within Sunshine State Industrial Park in Miami Gardens, Florida, has been sold for $6,100,000. The asset, situated on a ±57,000-square-foot lot, was purchased by Faropoint. CBRE Executive Vice Presidents Larry Genet and Tom O’Loughlin, along with Associates Noah Ohayon and Zack Krawiec, represented the buyer and negotiated the transaction.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $6,100,000
- Address: 900 Northwest 159th Drive
- Market: Miami Gardens
- Square Footage: 32,082
- Price per Square Foot: $190
Faropoint, represented by Yannai Gordon, Gabriel Kisber, and James Mendel, acquired the distribution center situated on a ±57,000-square-foot lot within Sunshine State Industrial Park. CBRE brokers Larry Genet, Tom O’Loughlin, Noah Ohayon, and Zack Krawiec facilitated the deal and will continue to lease the warehouse on behalf of Faropoint as it undergoes a full renovation.
On the Map
$6,100,000
$190/SF
Industrial
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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
2.60%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93