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901 South Miami Avenue, Dow...

Rockpoint Group Leases Retail Space To Novecento In Brickell, Miami
LEASEDRetail

Rockpoint Group Leases Retail Space To Novecento In Brickell, Miami

901 South Miami Avenue, Downtown Miami, Miami, FL, USA

Building Size

6,544 SF

Asset Type

Retail

Closing

Oct 7, 2021

AI

The retail property located at 901 S Miami Avenue in Brickell, Miami has been leased in a long-term agreement. The property spans approximately 6,544 square feet and features an asking rent of $100 per square foot.

Summary of transaction details

The Rockpoint Group acted as the landlord in this lease transaction, while Novecento will be the new tenant. The deal was facilitated by broker John Ellis from Newmark.

Players

John Ellis

Newmark

Broker

$4M

vol

4 deals

Broker
Rockpoint Group
Rockpoint GroupLender
Rockpoint Group
Rockpoint GroupLandlord

Miami Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93