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
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