Longpoint Realty Partners Acquires 181,558-Square-Foot Trail Plaza Retail Property In Miami For $49.3M From Seller MetLife Real Estate Investment
1032 Southwest 67th Avenue
$49,300,000
$271/SF
Building Size
181,558 SF
Asset Type
Retail
Closing
Oct 23, 2023
AI
The 181,558-square-foot Trail Plaza in Miami has been sold for $49.3 million in a recent transaction. The buyer, Longpoint Realty Partners, acquired the retail property from MetLife Real Estate Investment. The property, located at 1032 Southwest 67th Avenue, offers potential for future development and is anchored by Fresco Y Mas. It boasts high occupancy and is situated in a prime spot near Miami.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $49,300,000
- Address: 1032 Southwest 67th Avenue, Miami
- Market: Miami
- Acres: 17
The deal was brokered by Casey Rosen and Dennis Carson of CBRE, representing the buyer. On the seller's side, Dwight Y. Angelini acted as the representative for Longpoint Realty Partners. MetLife Real Estate Investment, who had owned the property for over 30 years, decided to sell to Longpoint Realty Partners, a Boston-based company.
Players
Miami Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93