Rodrigo Ignacio Guerrero Falcon Of Mallorca Group Acquires Retail Property In North Bay Village For $7.85M
1700 John F Kennedy Causeway
$7,850,000
$349/SF
Building Size
22,447 SF
Asset Type
Retail
Closing
Feb 25, 2025
About this deal
AI
A retail property located at 1700 Kennedy Causeway in North Bay Village has been sold for $7,850,000. The asset spans 22,447 square feet, resulting in a price per square foot of $350.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $7,850,000
- Buyer: Rodrigo Ignacio Guerrero Falcon - Mallorca Group
- Seller: Val Zevel - Lexi Commons
- Broker: Nelson Garcia - RARE CRE
- Lender: Terrabank
- Loan Amount: $4,000,000
- Loan Maturity: January 2035
The transaction was facilitated by Nelson Garcia of RARE CRE, who represented the buyer, Mallorca Group. This purchase was financed through a loan from Terrabank, which has a maturity date set for January 2035.
On the Map
$7,850,000
$349/SF
Retail
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Players
Miami Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.02%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93