RK Centers Acquires Retail Property In Miami For $38M
SOLD
$38,000,000
Florida
See Similar DealsRetail128,000 SF
Sold 10/20/2022
SOLD
RK Centers Acquires Retail Property In Miami For $38M
10790 Biscayne Boulevard, North Miami, Florida 33161, United States
See Similar DealsRetail128,000 SF
Sold 10/20/2022
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$296
Total Square Footage:128,000 SF
Transaction Type:Sale
An 11-acre retail property located at 10790 Biscayne Boulevard and 1290 Northeast 108th Street in Miami has been sold for $38,000,000. The property has a total square footage of 128,000, resulting in a price per square foot of $297. The sale was completed on October 20, 2022. The buyer of the property is RK Centers, represented by Ranaan Katz, while the seller is Seritage Growth Properties, represented by Andrea Olshan.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $38,000,000
- Address: 10790 Biscayne Boulevard & 1290 Northeast 108th Street, Miami
- Square Footage: 128,000
- Price per Square Foot: $297
- Market: Miami
Ranaan Katz from RK Centers and Andrea Olshan from Seritage Growth Properties played key roles in this transaction. Katz represented the buyer, RK Centers, while Olshan represented the seller, Seritage Growth Properties.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,026,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$135,005.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$180,139.39
Annual Debt Service$2,161,672.64
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