LEASEDLand
City Of Miami Gardens Enters 50-Year Ground Lease With Phillip Beckham III For Hotel Development
18600 Northwest 25th Avenue
Building Size
—
Asset Type
Land
Closing
Oct 29, 2026
About this deal
AI
The asset involved in the transaction is a 3.5-acre land site located at 18600 Northwest 25th Avenue in Miami Gardens, FL. This property is set to host the development of the Beckham Hotel Miami Gardens, which will consist of 127 rooms and a parking garage as part of a larger project.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Approximately $18.6 million
- Landlord: City of Miami Gardens
- Tenant: Phillip Beckham III - P3 Markets; Beckham Hospitality
- Lease Terms: 50-year
- Lease Type: Ground Lease
This deal involves Phillip Beckham III, representing P3 Markets and Beckham Hospitality, who will develop the property as a significant part of an overall project that also includes a second hotel and a 1,200-seat performing arts center near Hard Rock Stadium. The City of Miami Gardens has authorized this 50-year land lease arrangement.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93