Adon Panattoni Of Panattoni Development Acquires Two Office Buildings From Jonathan Slager For $20.8M
10451 Northwest 117th Avenue & 9675 Northwest 117th Avenue
$20,800,000
Building Size
—
Asset Type
Office
Closing
May 9, 2025
About this deal
AI
The transaction involved two office buildings located at 10451 Northwest 117th Avenue Building 1100 and 9675 Northwest 117th Avenue Building 1300 in Medley. The sale price for the buildings totaled $20,800,000. The properties are situated within the Flagler Station business park, indicating their relevance in a commercial context amid high vacancy rates in the area.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $20,800,000
- Buyer: Adon Panattoni - Panattoni Development
- Seller: Jonathan Slager - Bridge Investment Group
- Date of Transaction: 05/09/2025
Adon Panattoni, representing Panattoni Development, acquired the properties from Jonathan Slager of Bridge Investment Group, who relinquished a Miami-Dade office building via a deed in lieu of foreclosure. The transaction reflects Bridge Investment Group's struggles amid financial issues in South Florida's declining office market.
On the Map
$20,800,000
Office
View full map
Players
Medley Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Deal FAQ
Browse Medley office sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93