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7770 Southwest 88th Street

Dadeland Greenery LP Acquires Miami's Greenery Mall For $58M
SOLDRetail

Dadeland Greenery LP Acquires Miami's Greenery Mall For $58M

7770 Southwest 88th Street

$58,000,000

$447/SF

Building Size

129,585 SF

Asset Type

Retail

Closing

Sep 20, 2023

AI

Dadeland Greenery LP, an affiliate of Orion Capital Partners, has acquired Miami's Greenery Mall for $58 million. The mixed-use property, located at 7700 North Kendall Drive, spans across 8.38 acres of land in the Miami market. The sale price amounts to $448 per square foot for a total of 129,585 square feet. The property was sold by Cofe Properties, with Mario A. Fernande representing as the seller.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $58,000,000
  • Address: 7700 North Kendall Drive
  • Market: Miami
  • ACRES: 8.38

The deal was facilitated by brokers from JLL, including Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala, and Kim Flores. Additionally, John Crotty and Michael T. Fay from Avison Young represented the buyer. The transaction, completed on September 20, 2023, was financed with a mortgage amount of $39 million.

Dadeland Greenery LP plans to revitalize the property, leveraging its strategic location near transit hubs and designated for redevelopment. The new owners intend to enhance the tenant and guest experience by introducing a diverse selection of retailers, restaurants, and entertainment options. This acquisition aligns with their vision to transform Greenery Mall into a vibrant and thriving destination.

Players

Danny Finkle

JLL

Broker

$3.9B

vol

57 deals

Broker
CP
COFE PropertiesSeller

Auburn 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

0.27%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93