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8400 NW 33rd St, Miami, FL,...

Highline Real Estate Capital Acquires Property In Doral For $73M From PGIM Real Estate
SOLDOffice

Highline Real Estate Capital Acquires Property In Doral For $73M From PGIM Real Estate

8400 NW 33rd St, Miami, FL, 33122

$73,000,000

$195/SF

Building Size

372,639 SF

Asset Type

Office

Closing

Nov 18, 2021

AI

A three-building Class A office campus located at 8400 NW 33rd St, Miami, FL, 33122, in the Doral market has been sold for $73,000,000.00. The property spans 372,639 square feet and is LEED Silver certified. Developed by Codina Partners, the buildings were completed between 1996 and 2001 and are situated on 21.4 acres.

Summary of transaction details:

  • Property Type: Office Campus
  • Transaction Amount: $73,000,000.00
  • Seller: PGIM Real Estate
  • Buyer: Highline Real Estate Capital
  • Seller's Representatives: José Lobón (CBRE), Marcos Minaya (CBRE), Andrew Chilgren (CBRE), Christian "Chris" Lee (CBRE)
  • Financing Arranger: Amy Julien
  • Leasing Agents: Steven Hurwitz (JLL), Doug Okun (JLL)
  • Property Management: SQUARE2 Management

The transaction involved the combined efforts of a joint venture that includes Ascentris, Highline Real Estate Capital, and SQUARE2 Capital. The CBRE Capital Markets team was instrumental in representing PGIM Real Estate during the sale. The new owners plan to enhance the campus with upgrades to buildings and outdoor areas, in addition to improving lobbies, common spaces, and restrooms.

Players

Christian Lee

CBRE

Broker

$2.2B

vol

29 deals

Broker
Highline Real Estate Capital
Highline Real Estate CapitalBuyer
PGIM
PGIM Seller

Doral Office Market Snapshot

Boundary boundary · Office · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.22%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93