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80 SW 8th St, Miami, FL, 33130

Updated Oct 29, 2024

Madison-OFC Brickell FL Acquires Miami Property From Crocker Partners For $117.3M
SOLDOffice

Madison-OFC Brickell FL Acquires Miami Property From Crocker Partners For $117.3M

80 SW 8th St, Miami, FL, 33130

$117,300,000

$402/SF

Building Size

291,554 SF

Asset Type

Office

Closing

Oct 4, 2018

About this deal

AI

The property involved in the transaction is the Brickell City Tower, located at 80 SW 8th St, Miami, FL, 33130. This 33-story Class A office building encompasses 291,554 square feet and was sold for $117,300,000. The property is situated in the Miami market and has undergone a $6.4 million renovation, which included upgrades to its lobby, multi-tenant floors, elevator modernization, and the addition of a conference center and tenant lounge.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $117,300,000
  • Seller: Crocker Partners
  • Buyer: Madison-OFC Brickell FL LLC
  • Seller's Representatives: José Lobón, Marcos Minaya, Amy Julian - CBRE
  • Year Completed: 1985
  • Occupancy Rate: 87 percent
  • Renovation Cost: $6.4 million
  • Prior Purchase Price: $70 million

The sale was represented by the CBRE Capital Markets team, which included senior vice president José Lobón and vice chairman Christian Lee. The team also featured Amy Julian and Marcos Minaya, who played key roles in facilitating the transaction. The building is in proximity to several restaurants, bars, and transportation options like the Brickell Metrorail station and the downtown Miami Brightline station.

Players

Amy Julian

CBRE

Broker

$2.2B

vol

35 deals

Broker
CP
Crocker PartnersSeller

Miami Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $402 per square foot on a published $117.3M for 291,554 square feet (2018).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.14%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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