Zurich Alternative Asset Management Acquires Coral Gables Retail Property For $46.75M
SOLD
$46,750,000
+ 1
Florida
See Similar DealsRetail600,000 SF
Sold 05/21/2020
SOLD
Zurich Alternative Asset Management Acquires Coral Gables Retail Property For $46.75M
6701 Red Rd, Coral Gables, FL 33146, USA
See Similar DealsRetail600,000 SF
Sold 05/21/2020
+ 1
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$77
Total Square Footage:600,000 SF
Transaction Type:Sale
The property involved in this transaction is a retail asset located at 6701 Red Road in Coral Gables. The property spans 60,000 square feet and was sold for a price of $46,750,000, resulting in a price per square foot of $783.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $46,750,000
- Address: 6701 Red Road
- Market: Coral Gables
The buyer in this transaction is Zurich Alternative Asset Management, represented by Sean Bannon. The seller is Prudential Insurance Company of America. The deal was facilitated by brokers Danny Finkle, Luis Castillo, and Eric Williams from JLL.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,493,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$166,092.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$221,618.85
Annual Debt Service$2,659,426.21
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