Jesse Feldman, Glenn Gilmore Brick & Timber Collective Acquire Miami Office Building For $62M
230 Northwest 24th Street
$62,000,000
$673/SF
Building Size
92,000 SF
Asset Type
Office
Closing
Dec 7, 2022
About this deal
AI
The office property located at 230 Northwest 24th Street in Miami has been sold in a transaction. The property spans a total area of 92,000 square feet and was sold for a price of $62,000,000, resulting in a price per square foot of $674.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $62,000,000
- Square Footage: 92,000
- Price per Square Foot: $674
- Address: 230 Northwest 24th Street, Miami
The buyers of the property are Jesse Feldman, Glenn Gilmore Brick, and Timber Collective. Notably, Tony Arellano and Devlin Marinoff from DWNTWN Realty Advisors served as the brokers in this transaction, representing the buyers.
The sellers of the property are Alex Karakhanian, who is associated with LNDMRK, and Ben Mandel from Tricera.
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
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93