US VI 2 Brickell LLC & US VI 3 Brickell LLC Acquire Miami Office Buildings From Kieran Bowers For $163M
SOLD
$163,000,000
Florida
See Similar DealsOffice260,000 SF
Sold 07/27/2020
SOLD
US VI 2 Brickell LLC & US VI 3 Brickell LLC Acquire Miami Office Buildings From Kieran Bowers For $163M
78 Southwest 7th Street, Miami, FL, USA
See Similar DealsOffice260,000 SF
Sold 07/27/2020
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$626
Total Square Footage:260,000 SF
Transaction Type:Sale
Kieran Bowers recently sold an office property in Miami for a whopping $163,000,000. The property, located at 78 Southwest Seventh Street and 98 Southeast Seventh Street, spans a total area of 260,000 square feet. The sale price translates to an average price per square foot of $630.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $163,000,000
- Address: 78 Southwest Seventh Street & 98 Southeast Seventh Street
- Market: Miami
The seller in this deal was Kieran Bowers, representing Swire Properties. On the other side, the buyers were identified as US VI 2 Brickell LLC and US VI 3 Brickell LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,693,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$579,104.58
Cash-on-Cash Return-1.27%
Monthly Debt Service$772,703.16
Annual Debt Service$9,272,437.90
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