AEW Capital Acquires Retail Property In Miami For $108.7M
SOLD
$108,700,000
Florida
See Similar DealsRetail412,000 SF
Sold 12/15/2021
SOLD
AEW Capital Acquires Retail Property In Miami For $108.7M
1650 Northwest 117th Place, Miami, FL 33182
See Similar DealsRetail412,000 SF
Sold 12/15/2021
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$263
Total Square Footage:412,000 SF
Transaction Type:Sale
A retail property located at 1650 NW 117th Pl in Miami was recently sold for $108,700,000. The property spans a total area of 412,000 square feet, resulting in a price per square foot of $264. The transaction took place on December 15, 2021.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $108,700,000
The buyer of the property was AEW Capital, while the sellers were Stiles Corporation and Lubert Adler Real Estate Funds. The deal was facilitated by brokers Danny Finkle, Eric Williams, and Alex Sharrin from JLL.
Players
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,797,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$386,188.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$515,293.46
Annual Debt Service$6,183,521.47
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