Crescent Heights Secures Whole Foods As Anchor Tenant For Miami Beach Mixed-use Project
1901 Alton Road
Building Size
40,000 SF
Asset Type
Retail
Closing
Nov 22, 2023
AI
Crescent Heights has secured Whole Foods as the anchor tenant for a proposed 199,000-square-foot mixed-use project in Miami Beach. The project is located at 1901 Alton Road and is set to be considered by a city planning agency in December. Plans for the project include a ground-floor Whole Foods and a second-floor dining area. The project has a budget of $39.8 million.
Summary of transation details
- Property Type: Retail
- Transaction Amount: N/A
- Square Footage: 40,000
- Address: 1901 Alton Road, Miami Beach
Sonny Kahn, Russell W. Galbut, and Bruce A. Menin of Crescent Heights are the landlords for this project. Jason Buechel represents Whole Foods as the tenant.
Players
Alton 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