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1313 NW 36th St, Miami, FL,...

Edenderry Properties LLC Acquires Property At 1313 NW 36th St Miami For $7.7M
SOLDOffice

Edenderry Properties LLC Acquires Property At 1313 NW 36th St Miami For $7.7M

1313 NW 36th St, Miami, FL, 33142

$7,700,000

$112/SF

Building Size

68,174 SF

Asset Type

Office

Closing

Jul 30, 2019

AI

The property involved in this transaction is an office building known as Bank of America Center, located at 1313 NW 36th St, Miami, FL, 33142. The building comprises 68,174 square feet and was sold for $7,700,000. At the time of the sale, the property was 88.8 percent leased, hosting tenants such as Bank of America and the Miami-Dade State Attorney’s office. It is also situated within an Opportunity Zone.

Summary of transaction details:

  • Property Type: Office Building
  • Transaction Amount: $7,700,000.00
  • Address: 1313 NW 36th St, Miami, FL, 33142
  • Market: Miami
  • Square Footage: 68,174
  • Seller's Representative: Dominic Montazemi, Frank Begrowicz - Cushman & Wakefield
  • Buyer: Edenderry Properties LLC
  • Buyer's Representative: Scott Sime - Sime Realty Corp.
  • Seller: Unknown

Cushman & Wakefield represented the seller, an investment group affiliated with Golden Sands, in this transaction. This sale marks the third property that the investment group has sold within the same Opportunity Zone. Scott Sime of Sime Realty Corp. represented the buyer, Edenderry Properties LLC, which had previously acquired the Centennial Express Building located directly east of Bank of America Center in March 2018.

Players

Dominic Montazemi

Cushman & Wakefield

Broker

$4.2B

vol

90 deals

Broker

Miami Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.06%

Cash-on-Cash

-0.59%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93