Riviera Dining Group Acquires Coconut Grove Retail Property For $9.5M
SOLD
$9,500,000
Florida
See Similar DealsRetail6,369 SF
Sold 07/25/2022
SOLD
Riviera Dining Group Acquires Coconut Grove Retail Property For $9.5M
2889 Mcfarlane Road
See Similar DealsRetail6,369 SF
Sold 07/25/2022
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$1,491
Total Square Footage:6,369 SF
Transaction Type:Sale
The retail property located at 2889 McFarlane Rd in Coconut Grove has been sold in a closed transaction. The property spans 6,369 square feet and was sold for $9,500,000, resulting in a price per square foot of $1,492. The buyers of the property are Riviera Dining Group, while Oak Capital acted as the seller.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $9,500,000
- Address: 2889 McFarlane Rd
- Square Footage: 6,369
- Price per Square Foot: $1,492
- Market: Coconut Grove
Ryan Brodsky from Colliers and Lee Koniver from Koniver Stern Group represented the buyer, Riviera Dining Group, in this transaction. On the other hand, Felix Bendersky from F+B Hospitality Leasing Brokerage represented the seller, Oak Capital.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$506,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$33,751.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$45,034.85
Annual Debt Service$540,418.16
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