SoLé Mia Development In North Miami Welcomes Reserve Padel Club With Luxury Venue
2321 Laguna Cir North Miami, FL 33181, USA
Building Size
100,000 SF
Asset Type
Retail
Closing
Jul 17, 2023
About this deal
AI
A luxury venue at the SoLé Mia development in North Miami will soon become home to a new reserve padel club, featuring padel and pickleball courts. This exclusive club, gaining popularity among professional athletes and celebrities, will be housed in a retail space spanning approximately 100,000 square feet at 2321 Laguna Circle.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not available
- Address: 2321 Laguna Circle, North Miami
- Market: North Miami
- Landlord: Turnberry Associates - Jackie Soffer, LeFrak Organization - Richard Lefrak
- Tenant: Favorite Reserve - Wayne Boich
The lease for this retail space was secured by Wayne Boich's company, Favorite Reserve, at the SoLé Mia development in North Miami. The property will house a luxury reserve padel club, catering to the growing demand for this sport among high-profile individuals in the sporting and entertainment industries. With padel and pickleball courts, the club aims to offer a unique and high-end experience to its exclusive clientele.
Players
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