Fifteen Group Acquires Office Building In Miami Beach For $22M
SOLD
$22,000,000
Florida
See Similar DealsOffice52,000 SF
Sold 12/10/2021
SOLD
Fifteen Group Acquires Office Building In Miami Beach For $22M
801 Arthur Godfrey Road, Miami Beach, FL 33140, USA
See Similar DealsOffice52,000 SF
Sold 12/10/2021
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$423
Total Square Footage:52,000 SF
Transaction Type:Sale
The office property located at 801 Arthur Godfrey Road in Miami Beach has been sold in a recent transaction. The property spans over 52,000 square feet and is classified as an office asset. The sale took place on December 10, 2021, and the property was purchased by Fifteen Group, represented by Mark and Ian Sanders. The seller, Terranova Corporation, was represented by Stephen Bittel.
Summary of transaction details
- Property Type: Office
- Sale Price: $22,000,000
- Square Footage: 52,000
- Price Per Square Foot: $423
- Market: Miami Beach
Fifteen Group, led by Mark and Ian Sanders, acquired the property in this transaction. On the other side, Terranova Corporation, represented by Stephen Bittel, acted as the seller. The deal represents a significant investment in the Miami Beach office market, showcasing the confidence of the buyer in this asset.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,173,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69
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