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A& Storage Acquires Retail Property In Miami For $22.35M With CBRE Brokers

Property Image
SOLD
$22,350,000
Casey Rosen

Florida

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Retail77,051 SF
Sold 04/07/2021
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Property Image
SOLD

A& Storage Acquires Retail Property In Miami For $22.35M With CBRE Brokers

16500 Southwest 88th Street, Miami, FL 33196, USA

See Similar Deals
Retail77,051 SF
Sold 04/07/2021
Casey Rosen
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$290
Total Square Footage:77,051 SF
Transaction Type:Sale

16500-16515 SW 88th St, a retail property located in Miami, was recently sold in a transaction that took place on 04/07/2021. The property, spanning 77,051 square feet, was acquired by A+ Storage at a price of $22,350,000, resulting in a price per square foot of $290. The seller, Northbridge Capital, was represented by Adam & Michael Lazier. Dennis Carson and Casey Rosen of CBRE acted as the brokers in this deal.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $22,350,000
  • Address: 16500-16515 SW 88th St, Miami
  • Market: Miami

The sale of 16500-16515 SW 88th St was facilitated by Dennis Carson and Casey Rosen of CBRE, who represented the seller, Northbridge Capital, in the transaction. A+ Storage emerged as the buyer, acquiring the retail property for a total amount of $22,350,000. Adam & Michael Lazier were the representatives for the seller in this deal.

Players

Dennis Carson
14 deals$419.3M volume
BROKER

Casey Rosen
CBRE
15 deals$419.9M volume
BROKER


SELLER

Details

SOLD
IMAGE: Dennis Carson, Adam Lazier, Casey Rosen & Michael Lazier DATE: 04/07/2021 ADDRESS: 16500-16515 SW 88th St MARKET: Miami ASSET TYPE: Retail BUYER: A+ Storage SELLER: Northbridge Capital - Adam & Michael Lazier BROKERS: Dennis Carson & Casey Rosen - CBRE PRICE: $22,350,000 SF: 77,051 ~ PPSF: $290

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

$1,192,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$79,404.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$105,950.40
Annual Debt Service$1,271,404.83