Jesse Feldman, Glenn Gilmore Brick & Timber Collective Acquire Miami Office Building For $62M
SOLD
$62,000,000
Florida
See Similar DealsOffice92,000 SF
Sold 12/07/2022
SOLD
Jesse Feldman, Glenn Gilmore Brick & Timber Collective Acquire Miami Office Building For $62M
230 Northwest 24th Street
See Similar DealsOffice92,000 SF
Sold 12/07/2022
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$673
Total Square Footage:92,000 SF
Transaction Type:Sale
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.
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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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