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151 Southeast 1st Street

Tamara Galinsky's Jetset Pilates Leases Space In Downtown Miami For 10 Years
LEASEDRetail

Tamara Galinsky's Jetset Pilates Leases Space In Downtown Miami For 10 Years

151 Southeast 1st Street

Building Size

2,300 SF

Asset Type

Retail

Closing

Feb 26, 2024

AI

The retail space involved in the lease transaction is located at 151 Southeast 1st Street in Miami, with a total square footage of 2,300. The landlord of the property is Harvey Hernandez from Newgard Development Group, and the tenant is Tamara Galinsky operating Jetset Pilates. The lease term spans over 10 years, with the tenant represented by Jonathan Rifkind from Compass and the landlord's representatives being Linn Ahsberg and Shai Ben Ami from Urban Core.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not specified
  • Address: 151 Southeast 1st Street
  • Market: Miami
  • Lease Term: 10 years
  • Tenant: Tamara Galinsky - Jetset Pilates
  • Landlord: Harvey Hernandez - Newgard Development Group
  • Landlord's Rep: Linn Ahsberg & Shai Ben Ami - Urban Core
  • Tenant's Rep: Jonathan Rifkind - Compass

The deal between Jetset Pilates and the Clear Spaces property in downtown Miami was successfully brokered for a long-term lease. The partnership between the tenant's representative Jonathan Rifkind from Compass, and the landlord's representatives Linn Ahsberg and Shai Ben Ami from Urban Core, facilitated the 10-year lease term, enabling Jetset Pilates to secure a 2,300-square-foot retail space within a building developed by Newgard Development Group back in 2016.

Players

Linn Ahsberg

Urban Core

Broker

$8.4M

vol

5 deals

Broker

Miami 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