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Frontier Cos Acquires Retail Property On Kendall Drive For $17.8M

Property Image
SOLD
$17,800,000

Florida

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Retail49,456 SF
Sold 05/13/2022
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Property Image
SOLD

Frontier Cos Acquires Retail Property On Kendall Drive For $17.8M

12495 Southwest 88th Street, Miami, Florida 33176, United States

See Similar Deals
Retail49,456 SF
Sold 05/13/2022
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$359
Total Square Footage:49,456 SF
Transaction Type:Sale

A retail property located at 12495 SW 88th Street in Kendall Drive has been sold for a total of $17,800,000. The property spans across 4.15 acres and offers a total of 49,456 square feet of space. The sale price per square foot is calculated to be $360.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $17,800,000
  • Address: 12495 SW 88th Street
  • Market: Kendall Drive
  • Asset Type: Retail
  • Acres: 4.15
  • Square Feet: 49,456
  • Price per Square Foot: $360

The buyer of the property is Eric Gordon, representing Frontier Cos, while the seller is Severn Realty Partners, represented by Allen Brill. The lender involved in the transaction is City National Bank.

Players

SP
Severn Realty Partners
SELLER
City National Bank
City National Bank
LENDER

Details

SOLD
IMAGE: Allen Brill DATE: 05/13/2022 ADDRESS: 12495 SW 88th Street MARKET: Kendall Drive ASSET TYPE: Retail ~ ACRES: 4.15 BUYER: Eric Gordon - Frontier Cos SELLER: Severn Realty Partners - Allen Brill LENDER: City National Bank (@CityNationalBank) SALE PRICE: $17,800,000 SF: 49,456 ~ PPSF: $360

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

$949,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$63,239.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$84,381.08
Annual Debt Service$1,012,572.97