David Simon Of Simon Property Group Acquires Ground Lease For JCPenney At Dadeland Mall For $15.58M
7201 Southwest 88th Street
$15,580,000
$81/SF
Building Size
190,962 SF
Asset Type
Retail
Closing
Jun 9, 2025
About this deal
AI
The transaction involves a ground lease acquisition situated at 7201 Southwest 88th Street in Miami. The retail asset encompasses 12.4 acres with a total square footage of 190,962. The sale price for this location was $15,580,000, equating to a price per square foot of $82.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $15,580,000
- Buyer: David Simon - Simon Property Group
- Seller: CTL Propco I LLC
- Date of Transaction: 06/09/2025
- Market: Miami
- Acres: 12.4
- Square Footage: 190,962
- Price per Square Foot: $82
David Simon represents Simon Property Group in this deal, which allows for enhanced control over the future of the property as the JCPenney lease expires in 2026 with options for extensions through 2046. This acquisition further consolidates Simon's ownership interest in the Dadeland Mall, which has a total space of around 1.5 million square feet, apart from a portion occupied by Macy's.
On the Map
$15,580,000
$81/SF
Retail
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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
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93