City Food Hall Leases 20,877 Square Feet Former Time Out Market Space In Miami Beach
1601 Drexel Avenue
Building Size
20,877 SF
Asset Type
Retail
Closing
Nov 3, 2025
AI
The property asset involved is a retail space located at 1601 Drexel Avenue, situated in Miami Beach, encompassing a total area of 20,877 square feet. This location previously housed the Time Out Market and is now leased by City Food Hall, which is expanding its culinary presence in Florida.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Address: 1601 Drexel Avenue
- Market: Miami Beach
- Square Footage: 20,877
- Tenant: Peter Rounce - City Food Hall
- Landlord's Representative: Dillon Maya - Avenue Real Estate Partners
- Tenant's Representative: Irma Figueroa - The Comras Company
The transaction marks a significant step for City Food Hall, with plans to open the new food hall in summer 2026. Irma Figueroa, representing the tenant, and Dillon Maya, representing the landlord, facilitated this lease agreement, which highlights the ongoing interest in the retail market of Miami Beach.
Players
Miami 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