Lucid Motors Opens Showroom And Service Center At Miami Worldcenter
951 Northeast First Avenue Miami, Florida 33132, USA
Building Size
22,788 SF
Asset Type
Mixed-use
Closing
Jun 23, 2023
About this deal
AI
Luxury electric vehicle company Lucid Motors has opened a 22,788-square-foot space at Miami Worldcenter, located at 951 Northeast First Avenue. The facility serves as a showroom, service center, and delivery center for their Lucid Air electric sedan. The mixed-use property in Miami offers a prime location for Lucid Motors to showcase their products and provide convenient services to their customers.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: Not specified
- Square Footage: 22,788
- Address: 951 Northeast First Avenue
- Market: Miami
Miami Worldcenter Associates, including Art Falcone and Nitin Motwani, along with CIM Group represented by Shaul Kuba, are the landlords of the property where Lucid Motors has leased the space. This collaboration between the property owners and Lucid Motors enables the luxury electric vehicle company to establish a strong presence within the Miami Worldcenter development and cater to the growing market for electric vehicles in the area.
On the Map
Mixed-use
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Players
Miami Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Lease transactions
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Deal FAQ
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