Mel Landow Foundation Acquires Office Building From Nova Southeastern University For $15M In Fort Lauderdale
SOLD
$15,000,000
Florida
See Similar DealsOffice63,746 SF
Sold 07/26/2024
SOLD
Mel Landow Foundation Acquires Office Building From Nova Southeastern University For $15M In Fort Lauderdale
3100 Southwest 9th Avenue
See Similar DealsOffice63,746 SF
Sold 07/26/2024
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$235
Total Square Footage:63,746 SF
Transaction Type:Sale
The property asset involved in this transaction is located at 3100 Southwest 9th Avenue in Fort Lauderdale. The office asset spans a total square footage of 63,746, with a price per square foot of $235, leading to a total sale price of $15,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $15,000,000
- Address: 3100 Southwest 9th Avenue
- Market: Fort Lauderdale
- Square Footage: 63,746
- Price Per Square Foot: $235
- Buyer: Mel Landow Foundation
- Seller: Nova Southeastern University
- Brokers: Zachary Talbot & Adam Talbot - Cresa
The deal was facilitated by brokers Zachary Talbot and Adam Talbot from Cresa, representing the parties in this transaction. The involvement of the Mel Landow Foundation as a buyer highlights the interest in office properties in the Fort Lauderdale area.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$799,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$53,291.84
Cash-on-Cash Return-1.27%
Monthly Debt Service$71,107.65
Annual Debt Service$853,291.83
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