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PGIM Real Estate Acquires Miramar Retail Property For $61.5M

Property Image
SOLD
$61,500,000

Florida

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Retail160,000 SF
Sold 10/31/2022
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Property Image
SOLD

PGIM Real Estate Acquires Miramar Retail Property For $61.5M

12601 Miramar Parkway, Miramar, Florida 33023, United States

See Similar Deals
Retail160,000 SF
Sold 10/31/2022
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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.

Players

Eric Adler
13 deals$1.1B volume
BUYER

SELLER

Details

SOLD
IMAGE: Eric Adler & Jeff Ostrow DATE: 10/31/2022 ADDRESS: 12601 Miramar Parkway MARKET: Miramar ASSET TYPE: Retail ~ ACRES: 22.5 BUYER: PGIM Real Estate - Eric Adler SELLER: Stiles Corporation (@StilesCRE) - Jeff Ostrow (@JeffOstrow) SALE PRICE: $61,500,000 SF: 160,000 ~ PPSF: $384

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Deal Type
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