Prince Albert LLC Leases 21500 Square Feet At 31 NE 17th St In Miami With Landlord's Rep Hector Cataño
31 NE 17th St, Miami, FL, 33132
Building Size
21,500 SF
Asset Type
Office
Closing
Oct 11, 2017
About this deal
AI
The Factory has signed a long-term lease for a building located at 31 Northeast 17th Street, Miami, FL, 33132. This property spans nearly 21,500 square feet and has a lease valued at $5.2 million over ten years. The building was previously home to Iron Addicts Gym and is situated in Miami’s Arts & Entertainment District.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: $5.2 million
- Address: 31 NE 17th St, Miami, FL, 33132
- Market: Miami
- Square Feet: 21,500
- Landlord: Prince Albert LLC
- Landlord's Representative: Hector Cataño - Cornerstone International Realty
- Tenant: The Factory
- Previous Occupant: Iron Addicts Gym
- Building Year: 1948
Hector Cataño, representing Cornerstone International Realty, oversaw the leasing process for the landlord, Prince Albert LLC, which is controlled by the Kluger family partnership. The Factory plans to occupy the new space in six months, marking its first office location in Miami amidst a growing trend of co-working spaces in South Florida.
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