MG3 Group Acquires 32-Acre Retail Property In Miami For $70M
9191 West Flagler Street
$70,000,000
$298/SF
Building Size
234,500 SF
Asset Type
Retail
Closing
Feb 3, 2022
About this deal
AI
An retail property located at 9191 West Flagler Street in Miami has been sold for a price of $70,000,000. The property spans across 32 acres and has a total square footage of 234,500. The sale was completed on 03/02/2022.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $70,000,000
- Address: 9191 West Flagler Street, Miami
- Market: Miami
- Acres: 32
The property was purchased by the MG3 Group, represented by Marcelo Saiegh, Hernan Leonoff, and Gustavo Bogomolni. The seller was Berkowitz Development Group. The lender involved in the transaction was Morgan Stanley Bank of America Merrill Lynch and Wells Fargo as the trustee.
On the Map
$70,000,000
$298/SF
Retail
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Players
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
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93