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Asana Partners Purchases Property At 1900 Bay Rd Miami Beach For $68.8 Million With JLL Reps

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SOLD
$68,800,000

Florida

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SOLD

Asana Partners Purchases Property At 1900 Bay Rd Miami Beach For $68.8 Million With JLL Reps

1900 Bay Rd, Miami Beach, FL, 33139

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Retail
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Summary

FLORIDA
Asset Type:Retail
Transaction Type:Sale

A retail portfolio comprising seven properties was sold in Miami Beach's Sunset Harbour neighborhood. The transaction amount was $68,800,000.00 for the properties located at 1900 Bay Rd, Miami Beach, FL, 33139. The total square footage for the portfolio is 0, as it consists of fully leased single- and multi-tenant spaces at various addresses including 1916 and 1930 Bay Road, as well as 1787, 1929, and 1919 Purdy Ave., and 1935 West Ave.

Summary of transaction details:

The sale was arranged by Manny de Zárraga, Luis Castillo, and Daniel Finkle of HFF on behalf of the seller, Scott Robins Cos. The portfolio was fully leased at the time of the transaction to notable tenants such as NaiYaRa, Lucali, DIRT, SHIFT, Barry’s Bootcamp, and Flywheel Sports.

Players

Danny Finkle
57 deals$3.9B volume
BROKER

Luis Castillo
JLL
55 deals$2.1B volume(305) 495-5969
BROKER

Manny de Zarraga
JLL
18 deals$2B volume
BROKER

Asana Partners
BUYER

Details

SOLD
IMAGE: 1900 Bay Rd, Miami Beach, FL, 33139 MARKET: Miami Beach SELLER'S REP: Luis Castillo-JLL Manny de Zarraga-JLL Danny Finkle-JLL BUYER: Asana Partners SELLER: PRICE: $68,800,000.00 SF: 0

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

$3,669,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$244,431.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$326,147.10
Annual Debt Service$3,913,765.20