Midtown Capital Partners Acquires Office Property In Miramar For $22.6M
2900 Monarch Lakes Boulevard
$22,600,000
$398/SF
Building Size
56,710 SF
Asset Type
Office
Closing
Oct 26, 2020
About this deal
AI
The sale of an office asset in Miramar has been finalized. The property, located at 2900 Monarch Lakes Boulevard, was sold for a price of $22,600,000. Spanning across 56,710 square feet, the office was transacted at a rate of $398 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $22,600,000
- Address: 2900 Monarch Lakes Boulevard, Miramar
- Square Footage: 56,710
- Price Per Square Foot: $398
The buyer, Midtown Capital Partners, represented by Alejandro Velez, acquired the office asset from United Data Technologies. The sellers were Enrique “Henry” Fletches and Gerard Amaro. The transaction was facilitated by a team of brokers from Cushman & Wakefield, including Jason Hochman, Scott O’Donnell, Mike Ciadella, Dominic Montazemi, Greg Miller, and Miguel Alcivar.
On the Map
$22,600,000
$398/SF
Office
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Players
Miramar 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
0.70%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93