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Azora Exan Acquires Retail Property In Miami Beach For $16M

Property Image
SOLD
$16,000,000
Jared Robins
David Spitz
Jordan Gimelstein
+ 5

Florida

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Retail18,000 SF
Sold
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Property Image
SOLD

Azora Exan Acquires Retail Property In Miami Beach For $16M

1000 17th St Miami Beach, FL 33139, USA

See Similar Deals
Retail18,000 SF
Sold
Jared Robins
David Spitz
Jordan Gimelstein
+ 5
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$888
Total Square Footage:18000 SF
Transaction Type:Sale

A retail property located at 1000 17th Street in Miami Beach has been sold for a total price of $16,000,000. The property spans over 18,000 square feet, resulting in a price per square foot of $889. The transaction took place on September 5, 2023, involving the buyer Azora Exan and the sellers Scott Robins Companies and Philip Levine.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $16,000,000
  • Address: 1000 17th Street, Miami Beach
  • Square Footage: 18,000
  • Price per Square Foot: $889
  • Market: Miami Beach

The deal was represented by the buyer's representatives, Michael Sullivan and Sam Singer from Vertical Real Estate, and the seller's representatives, Jordan Gimelstein, David Spitz, and Jared Robins from Inhouse Commercial.

Players

Jordan Gimelstein
Jordan Gimelstein
14 deals$172.4M volume
BROKER
David Spitz
David Spitz
9 deals$117.6M volume
BROKER
Jared Robins
Inhouse Commercial
Jared Robins
9 deals$27.8M volume
BROKER
Michael Sullivan
Vertical Real Estate
Michael Sullivan
9 deals$16M volume
BROKER
AE
Azora Exan
3 deals$97.5M volume
BUYER
PL
Philip Levine
2 deals$26.7M volume
SELLER

Details

SOLD
IMAGE: Jared Robins, David Spitz, Sam Singer, Jordan Gimelstein & Michael Sullivan DATE: 09/05/2023 ADDRESS: 1000 17th Street MARKET: Miami Beach ASSET TYPE: Retail BUYER: Azora Exan SELLER: Scott Robins Companies & Philip Levine BUYER'S REP: Michael Sullivan (@Mikeyjsully) & Sam Singer (@Samsinger2) - Vertical Real Estate SELLER'S REP: Jordan Gimelstein (@Jordangimelstein), David Spitz (@Doviespitz), Jared Robins (@Jaredrobins) - Inhouse Commercial (@Inhousecommercial) SALE PRICE: $16,000,000 SF: 18,000 ~ PPSF: $889

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$853,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$56,844.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$75,848.16
Annual Debt Service$910,177.95