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
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