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851 Northeast 1st Avenue

Sweet Paris Crêperie Leases 2,300 SF Retail Space At Miami Worldcenter
LEASEDCondo

Sweet Paris Crêperie Leases 2,300 SF Retail Space At Miami Worldcenter

851 Northeast 1st Avenue

Building Size

2,450 SF

Asset Type

Condo

Closing

Nov 7, 2023

AI

Texas-based retailer Sweet Paris Crêperie is set to join Miami Worldcenter, a 27-acre mixed-use development in Downtown Miami. The retailer will occupy a 2,300 square foot retail space within the development. Miami Worldcenter is already 90% leased with notable tenants such as Sephora, Lucid Motors, and Lululemon. The development is also attracting high-profile firms for residential tower development.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: N/A
  • Square Footage: 2,300
  • Address: 851 Northeast 1st Avenue, Miami

The landlords of the property are Art Falcone, Nitin Motwani, CIM Group, and Shaul Kuba. They have successfully secured Sweet Paris Crêperie as a tenant for their retail space. Allison Chavez represents Sweet Paris Crêperie in the lease deal.

Players

Shaul Kuba

CIM Group

Landlord

$796.2M

vol

25 deals

Landlord

Miami Condo Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93