Midtown Opportunities Acquires Retail Property In Miami For $65.5M
SOLD
$65,500,000
Florida
See Similar DealsRetail2,044 SF
Sold 01/01/2021
SOLD
Midtown Opportunities Acquires Retail Property In Miami For $65.5M
5701 Southwest 72nd Street, Miami, FL, USA
See Similar DealsRetail2,044 SF
Sold 01/01/2021
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$32,045
Total Square Footage:2,044 SF
Transaction Type:Sale
The retail property located at 5701 Southwest 72nd Street in Miami has been sold for a price of $65,500,000. The transaction took place on January 1, 2021. The property covers an area of 9.68 acres, resulting in a price per acre (PPA) of $6,766,529.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $65,500,000
- Address: 5701 Southwest 72nd Street
- Market: Miami
- Seller: Federal Realty Investment Trust - Don Wood, Grass River Property, & Comras Co.
- Buyer: Midtown Opportunities - Alex Vadia
The buyer of the property is Midtown Opportunities, represented by Alex Vadia. The seller, on the other hand, is Federal Realty Investment Trust, along with Don Wood, Grass River Property, and Comras Co.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,493,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$232,707.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$310,503.42
Annual Debt Service$3,726,041.00
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