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3320 Northwest 8th Street

Barsanti Family Partners Acquires Crystal Lake Strip Center In Homestead For $4.6M
SOLDRetail

Barsanti Family Partners Acquires Crystal Lake Strip Center In Homestead For $4.6M

3320 Northwest 8th Street

$4,600,000

$629/SF

Building Size

7,304 SF

Asset Type

Retail

Closing

Oct 5, 2023

AI

The Crystal Lake Strip Center in Homestead has been sold for a price of $4,600,000. This retail property spans 7,304 square feet and is located at 3320 NE 8th St in eastern Homestead. The property was purchased by Barsanti Family Partners from MMG Equity Partners. Drew Kristol and Kirk Olson, representing Marcus & Millichap's Miami office, acted as the brokers for both the buyer and the seller in this transaction.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $4,600,000
  • Square Footage: 7,304
  • Price per Square Foot: $630
  • Address: 3320 NE 8th St, Homestead
  • Market: Homestead
  • Buyer: Barsanti Family Partners
  • Seller: MMG Equity Partners
  • Brokers: Drew Kristol and Kirk Olson - Marcus & Millichap

Notably, Marcus & Millichap's Miami office, represented by Drew Kristol and Kirk Olson, facilitated the sale of the Crystal Lake Strip Center in Homestead. The property served as a retail space and was acquired by Barsanti Family Partners from MMG Equity Partners. This transaction highlights the expertise and involvement of the brokers, Drew Kristol and Kirk Olson, who played a crucial role in connecting the buyer and seller.

Players

Drew Kristol

Marcus & Millichap

Broker

$560.5M

vol

46 deals

Broker
Partners
PartnersBuyer
Marcos Puente

Marcos Puente

MMG Equity Partners

Seller

$155.4M

vol

17 deals

Seller

Homestead 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

3.45%

Cash-on-Cash

-0.99%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93