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Milbrook Properties Acquires Retail Asset In Pembroke Pines For $13.5M

Property Image
SOLD
$13,500,000
Jean Baptiste Ramet
Kirk Olson
Drew Kristol

Florida

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Retail90,226 SF
Sold 12/23/2019
the dealplayerscompscontact
Property Image
SOLD

Milbrook Properties Acquires Retail Asset In Pembroke Pines For $13.5M

701 Northwest 99th Avenue, Pembroke Pines, FL, USA

See Similar Deals
Retail90,226 SF
Sold 12/23/2019
Jean Baptiste Ramet
Kirk Olson
Drew Kristol
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$149
Total Square Footage:90,226 SF
Transaction Type:Sale

A retail property located at 701 Northwest 99 Avenue in Pembroke Pines has been sold for $13,500,000. The property spans 90,226 square feet, resulting in a price per square foot of $149. The transaction took place on December 23, 2019.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $13,500,000
  • Address: 701 Northwest 99 Avenue
  • Market: Pembroke Pines
  • Seller: Bar Invest Group - Jacques Barbera
  • Buyer: Milbrook Properties

The sale was facilitated by the brokerage firm Marcus & Millichap, with agents Drew Kristol, Kirk Olson, Jean-Baptiste Ramet representing both parties in the deal.

Players

Drew Kristol
Marcus & Millichap
Drew Kristol
46 deals$560.5M volume(786) 522-7065
BROKER
Kirk Olson
Marcus & Millichap
Kirk Olson
46 deals$569.8M volume(786) 522-7064
BROKER
Jean Baptiste Ramet
Marcus & Millichap
Jean Baptiste Ramet
1 deal$13.5M volume
BROKER
MP
Milbrook Properties
BUYER
Bar Invest Group
Bar Invest Group
SELLER

Details

SOLD
IMAGE: Drew Kristol, Kirk Olson, Jean-Baptiste Ramet & Jacques Barbera DATE: 12/23/2019 ADDRESS: 701 Northwest 99 Avenue MARKET: Pembroke Pines ASSET TYPE: Retail SELLER: Bar Invest Group - Jacques Barbera BUYER: Milbrook Properties BROKERS: Drew Kristol, Kirk Olson, Jean-Baptiste Ramet - Marcus & Millichap PRICE: $13,500,000 SF: 90,226 ~ PPSF: $149

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$720,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$47,962.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$63,996.89
Annual Debt Service$767,962.65