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3750 Northwest 87th Avenue

State Of Florida Department Of Revenue Leases Office Space In Doral
LEASEDOffice

State Of Florida Department Of Revenue Leases Office Space In Doral

3750 Northwest 87th Avenue

$36

$36/SF

Building Size

29,000 SF

Asset Type

Office

Closing

Aug 17, 2022

AI

The leased property at 3750 NW 87th Ave in Doral has been acquired by Banyan Street Capital and Independencia Asset Management. This office space transaction involves the State of Florida Department of Revenue as the tenant. The leasing arrangement was facilitated by Gordon Messinger from CBRE. The property spans a total square footage of 29,000 and was leased at an asking rent of $36.50 per square foot on a gross basis.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not provided
  • Market: Doral
  • Landlord: Banyan Street Capital & Independencia Asset Management
  • Tenant: State of Florida Department of Revenue
  • Broker: Gordon Messinger - CBRE
  • Asking Rent: $36.50/ft. Gross
  • Square Footage: 29,000

This lease deal brings together key players in the real estate industry. Banyan Street Capital and Independencia Asset Management took on the role of landlords, while the State of Florida Department of Revenue became the tenant. Acting as the representative for the tenant, Gordon Messinger, from CBRE, facilitated the leasing agreement. This transaction highlights the demand for office space in the Doral market.

Players

Gordon Messinger

CBRE

Broker

$164M

vol

33 deals

Broker
Banyan Street Capital
Banyan Street CapitalLandlord

Doral 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

440638.89%

Cash-on-Cash

-125935.95%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93