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2916 N Miami Ave, Miami, FL...

Marcus & Millichap Leases 12029 Square Feet At 2916 N Miami Ave Miami From R&B Realty Group
LEASEDOffice

Marcus & Millichap Leases 12029 Square Feet At 2916 N Miami Ave Miami From R&B Realty Group

2916 N Miami Ave, Miami, FL, 33127

Building Size

12,029 SF

Asset Type

Office

Closing

Nov 19, 2023

AI

The property involved in this transaction is located at 2916 N Miami Ave, Miami, FL, 33127. Marcus & Millichap has signed a long-term lease for 12,029 square feet of space on the 7th floor of The Gateway at Wynwood, a recently opened office building developed by R&B Realty Group. The building received its Temporary Certificate of Occupancy in December 2021, and the tenant is scheduled to take occupancy in Q3 2022.

Summary of transation details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Tenant: Marcus & Millichap
  • Landlord: R&B Realty Group
  • Tenant's Representative: Carlo Brignardello
  • Landlord's Representatives: Stephen Rutchik, Tom Farmer, Tyler de la Pena
  • Square Feet: 12,029

R&B Realty Group's vision has contributed to the emergence of a new office submarket in Miami, aimed at attracting major companies. Marcus & Millichap's move signals an intention to establish a strong local presence and collaborate with the community. Notably, other occupants of The Gateway at Wynwood include OpenStore and Veru, marking a significant development for the area.

Players

Tyler de la Peña

JLL

Broker

$19.1M

vol

7 deals

Broker
Cresa
CresaBrokerage
Marcus Partners
Marcus PartnersTenant

Miami Office Market Snapshot

Boundary boundary · Office · Lease transactions

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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