Tourmaline Capital Partners & Monarch Alternative Capital Acquire 801 Brickell Avenue Office In Miami For $250M
SOLD
$250,000,000
+ 3
Florida
See Similar DealsOffice411,613 SF
Sold 10/05/2023
SOLD
Tourmaline Capital Partners & Monarch Alternative Capital Acquire 801 Brickell Avenue Office In Miami For $250M
801 Brickell Avenue
See Similar DealsOffice411,613 SF
Sold 10/05/2023
+ 3
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$607
Total Square Footage:411,613 SF
Transaction Type:Sale
The property involved in this transaction is located at 801 Brickell Avenue in Miami. It is an office space with a total area of 411,613 square feet. The property was sold for a price of $250,000,000, resulting in a price per square foot of $607.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $250,000,000
- Address: 801 Brickell Avenue, Miami
- Market: Miami
- Square Footage: 411,613
- Price per Square Foot: $607
Tourmaline Capital Partners and Monarch Alternative Capital were the buyers in this transaction, while Nuveen acted as the seller. The seller's representatives included Benjamin Lushing, Adam Spies, and Marcella Fasulo from Newmark, as well as Dominic Montazemi, Mike Davis, and Miguel Alcivar from Cushman & Wakefield.
Players
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$13,333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$888,197.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,185,127.54
Annual Debt Service$14,221,530.53
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