Hines Acquires Mixed-Use Property In Coral Gables For $430M
235 South Dixie Highway, Coral Gables, Florida 33133, United States
$430,000,000
$358/SF
Building Size
1,200,000 SF
Asset Type
Mixed-use
Closing
Aug 29, 2022
AI
The mixed-use property located at 235 & 237 South Dixie Highway in Coral Gables has been sold. This property spans across 4.3 acres and features a total of 495 units. The sale price for this transaction was $430,000,000, resulting in a per unit price of $868,687. The total area of the property is 1,200,000 square feet, with a price per square foot of $358.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $430,000,000
- Address: 235 & 237 South Dixie Highway, Coral Gables
- Market: Coral Gables
- Acres: 4.3
- Units: 495
- Price per Unit: $868,687
- Total Square Footage: 1,200,000
- Price per Square Foot: $358
The buyer of this property is Hines, represented by Jeffrey Hines & Alfonso Munk. On the other hand, the seller is 54 Madison Partners, with Henry Silverman and Nolan Reynolds International represented by Charles Nolan Jr. & Brent Reynolds. The buyer's representatives for this deal are Michael Harrison & Juan Jacobus from Hines, while the seller is represented by Cushman & Wakefield.
Players
Coral Gables Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93