PGIM Real Estate Acquires Miramar Retail Property For $61.5M
SOLD
$61,500,000
Florida
See Similar DealsRetail160,000 SF
Sold 10/31/2022
SOLD
PGIM Real Estate Acquires Miramar Retail Property For $61.5M
12601 Miramar Parkway, Miramar, Florida 33023, United States
See Similar DealsRetail160,000 SF
Sold 10/31/2022
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$384
Total Square Footage:160,000 SF
Transaction Type:Sale
12601 Miramar Parkway is a retail property located in Miramar. This property spans over 22.5 acres and was recently sold in a closed transaction.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $61,500,000
- Address: 12601 Miramar Parkway
- Market: Miramar
- Size: 160,000 square feet
- Price per Square Foot: $384
The buyer in this transaction was PGIM Real Estate represented by Eric Adler, while the seller was Stiles Corporation represented by Jeff Ostrow. This deal was completed on October 31, 2022.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,280,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$218,496.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$291,541.38
Annual Debt Service$3,498,496.51
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