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460 Northeast 215th Street

Updated Jan 30, 2025

Reign Capital Acquires Eight Office Properties In Miami-Dade From AT&T For $43.63M
SOLDOffice

Reign Capital Acquires Eight Office Properties In Miami-Dade From AT&T For $43.63M

460 Northeast 215th Street

$43,630,000

$65/SF

Building Size

668,068 SF

Asset Type

Office

Closing

Jan 30, 2025

About this deal

AI

The asset involves the sale of eight utility properties located at 460 Northeast 215th Street, 45 Northeast 5th Street, 18560 Northwest 27th Avenue, 2470 Northwest 38th Street, 8428 Northeast 1st Place, 101 Alhambra Circle, 75 Civic Court, and 13 Northwest 6th Street, encompassing a total of 668,068 square feet. These properties span across several markets including Miami Gardens, Miami, Coral Gables, and Homestead. The transaction was completed for a total sale price of $43,630,000, equivalent to $65 per square foot.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $43,630,000
  • Square Footage: 668,068
  • Address: 460 Northeast 215th Street, 45 Northeast 5th Street, 18560 Northwest 27th Avenue, 2470 Northwest 38th Street, 8428 Northeast 1st Place, 101 Alhambra Circle, 75 Civic Court & 13 Northwest 6th Street
  • Buyer: Reign Capital
  • Seller: John Stankey - AT&T
  • Market: Miami Gardens, Miami, Coral Gables & Homestead

Reign Capital, represented by Reign CO2 Propco LLC, acquired the properties from John Stankey, who is associated with AT&T. This transaction forms part of a national portfolio deal involving multiple utility properties across Miami-Dade County, collectively amounting to over 600,000 square feet.

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$43,630,000

$65/SF

Office

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Miami Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $65 per square foot on a published $43.6M for 668,068 square feet (2025).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.36%

Cash-on-Cash

-0.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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