Alex Pirez Acquires Retail Property In Miami From Terra Group & Related Group For $5.5M
3321 Mary Street, Miami, FL, USA
$5,500,000
$959/SF
Building Size
5,731 SF
Asset Type
Retail
Closing
Nov 16, 2021
About this deal
AI
The retail asset located at 3321 Mary St in Miami has been sold for $5,500,000. The property encompasses an area of 5,731 square feet, along with 1,000 square feet of additional outdoor space and seating. The sale marks a significant transaction within the market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $5,500,000
- Buyer: Alex Pirez
- Seller: Terra Group & Related Group
- Broker: Fabio & Sebastian Faerman - FA Commercial
- Square Footage: 5,731 SF
- Price Per Square Foot: $960
Fabio and Sebastian Faerman of FA Commercial at Fortune International Realty represented the developer groups Terra Group and Related Group in this transaction, which is notable as it marks the second sale of the commercial units in the Park Grove residences within a week. Additionally, the Related-Terra venture previously sold a retail condo on the ground floor of the same development to a Mexican investment group for $6 million.
Players
Miami 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
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93