Michaels Signs 10-Year Lease For 25,600 SF Space In Delray Beach's Delray Corner Shopping Center
14824 Military Trail Delray Beach, FL 33484, USA
Building Size
25,600 SF
Asset Type
Retail
Closing
Sep 15, 2023
AI
Michaels, a national arts and crafts retailer, has signed a 10-year lease for a 25,600-square-foot space in Delray Corner shopping center, located at 14824 South Military Trail in Delray Beach. The lease transaction was facilitated by Nicole Fontaine of Katz & Associates, representing the landlord Berta Management of Florida, and Bryan Fetherston of The Shopping Center Group, representing Michaels as the tenant. The store is set to open in Q1 2023, taking over the former Bed Bath & Beyond location, and will contribute to the shopping center's high occupancy rate of over 97%.
Summary of Transaction Details:
- Property Type: Retail
- Transaction Amount: Not mentioned
- Square Footage: 25,600 SF
- Address: 14824 South Military Trail, Delray Beach
- Market: Delray Beach
- Landlord: Berta Management of Florida - Michael Kanoff
- Tenant: Michaels - Ashley Buchanan
- Landlord's Rep: Nicole Fontaine - Katz & Associates
- Tenant's Rep: Bryan Fetherston - The Shopping Center Group
- Lease Terms: 10 years
Players
Delray Beach Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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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