Brick & Timber Collective Acquires Office Asset In Miami From LNDMRK Development And Tricera Capital For $62M
SOLD
$62,000,000
Florida
See Similar DealsOffice
Sold 12/13/2022
SOLD
Brick & Timber Collective Acquires Office Asset In Miami From LNDMRK Development And Tricera Capital For $62M
222 Nw 24th St
See Similar DealsOffice
Sold 12/13/2022
Summary
FLORIDA
Asset Type:Office
Transaction Type:Sale
The property involved in this transaction is an office asset located at 222 Nw 24th St in the Miami market. The sale was completed for a total transaction amount of $62,000,000.00.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $62,000,000.00
- Buyer: Brick & Timber Collective
- Seller: LNDMRK Development and Tricera Capital
- Brokers: Tony Arellano - DWNTWN Realty Advisors
- Sale Date: 12/13/2022
In this transaction, Tony Arellano acted on behalf of DWNTWN Realty Advisors, representing the brokerage side of the deal. The buyer, Brick & Timber Collective, and the sellers, LNDMRK Development and Tricera Capital, were the key parties in this closed transaction.
Players
SELLER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,306,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$220,272.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$293,911.63
Annual Debt Service$3,526,939.57
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