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Phillips Edison Acquires Retail Property In Miramar For $32M

Property Image
SOLD
$32,000,000
Michael Kavaler
Cameron Beck
+ 3

Florida

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Retail180,099 SF
Sold 03/27/2023
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Property Image
SOLD

Phillips Edison Acquires Retail Property In Miramar For $32M

18409 Miramar Pkwy

See Similar Deals
Retail180,099 SF
Sold 03/27/2023
Michael Kavaler
Cameron Beck
+ 3
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$177
Total Square Footage:180,099 SF
Transaction Type:Sale

The retail property located at 18409 Miramar Pkwy in Miramar has been sold in a closed transaction. The property spans across 180,099 square feet and was sold for a price of $32,000,000, resulting in a price per square foot of $178. The transaction took place on 03/27/2023.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $32,000,000
  • Address: 18409 Miramar Pkwy
  • Market: Miramar
  • Square Footage: 180,099

The buyer of the retail property is Phillips Edison, while the seller is PGIM Real Estate. The deal was facilitated by the brokerage team at JLL, including Eric Williams, Danny Finkle, Jorge Portela, Kim Flores, Michael Kavaler, and Cameron Beck.

Players

Danny Finkle
57 deals$3.9B volume
BROKER

Eric Williams
Newmark
52 deals$2.8B volume
BROKER

Kim Flores
JLL
35 deals$3.2B volume
BROKER

Cameron Beck
JLL
15 deals$929.3M volume
BROKER

Michael Kavaler
JLL
15 deals$817.4M volume(917) 923-4242
BROKER

Jorge Portela
JLL
23 deals$1.6B volume
BROKER

PGIM
SELLER

PGIM
LENDER

Details

SOLD
IMAGE: Jorge Portela, Michael Kavaler, Danny Finkle, Kim Flores, Eric Williams & Cameron Beck DATE: 03/27/2023 ADDRESS: 18409 Miramar Pkwy MARKET: Miramar ASSET TYPE: Retail BUYER: Phillips Edison SELLER: PGIM Real Estate BROKERS: Eric Williams, Danny Finkle, Jorge Portela, Kim Flores, Michael Kavaler & Cameron Beck - JLL (@JLL) SALE PRICE: $32,000,000 SF: 180,099 ~ PPSF: $178

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

$1,706,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$113,689.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$151,696.33
Annual Debt Service$1,820,355.91