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Flo Rida's Strong Arm Management Acquires Fully Occupied Retail Center In Miami Gardens For $10M

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SOLD
$10,000,000

Florida

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Retail27,813 SF
Sold 07/25/2023
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Property Image
SOLD

Flo Rida's Strong Arm Management Acquires Fully Occupied Retail Center In Miami Gardens For $10M

18230 Nw 2nd Ave Miami, Fl 33169, Usa

See Similar Deals
Retail27,813 SF
Sold 07/25/2023
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$359
Total Square Footage:27,813 SF
Transaction Type:Sale

Tramar Dillard aka Flo Rida's firm, Strong Arm Management, has purchased a fully occupied retail center in Miami Gardens known as Cloverleaf Plaza. The property, located at 18230-18130 Northwest Second Avenue and 230 Northwest 183rd Street, spans 27,813 square feet and sits on 1.96 acres of land. The transaction took place on July 25, 2023.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $10,000,000
  • Address: 18230-18130 Northwest Second Avenue & 230 Northwest 183rd Street
  • Market: Miami Gardens
  • Square Footage: 27,813
  • Price Per Square Foot: $360
  • Buyer: Strong Arm Management - Tramar Dillard aka Flo Rida
  • Seller: G.I.A. Investments - Peter Izaak
  • Lender: Taylor Made Lending LLC

The sale of Cloverleaf Plaza to Strong Arm Management marks a profitable investment for Tramar Dillard's company. They acquired the retail center for $10 million, showing a substantial gain compared to its previous sale in 1993 when it was purchased for $1.55 million. The property is fully occupied and presents considerable potential for further growth and profitability.

Players

LENDER

Details

SOLD
IMAGE: Tramar Dillard aka Flo Rida DATE: 07/25/2023 ADDRESS: 18230-18130 Northwest Second Avenue & 230 Northwest 183rd Street MARKET: Miami Gardens ASSET TYPE: Retail ~ ACRES: 1.96 BUYER: Strong Arm Management - Tramar Dillard aka Flo Rida SELLER: G.I.A. Investments - Peter Izaak LENDER: Taylor Made Lending LLC SALE PRICE: $10,000,000 SF: 27,813 ~ PPSF: $360 NOTE: Rapper Flo Rida's firm, Strong Arm Management, bought a fully occupied Miami Gardens retail center, Cloverleaf Plaza, for $10 million. The property, spanning 27,813 square feet, was a profitable investment, having been acquired for a significant gain compared to its previous sale in 1993 for $1.55 million.

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

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
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