Michaels Signs 21K SF Lease At Causeway Shopping Center In Indian Harbour Beach
243 East Eau Gallie Boulevard
Building Size
21,000 SF
Asset Type
Retail
Closing
Oct 24, 2023
About this deal
AI
The Sembler Co. and Forge Capital Partners have signed a lease with Michaels for a new store at the Causeway Shopping Center in Indian Harbour Beach, Florida. The lease is for a 21,000-square-foot retail space, replacing the former Office Depot. The store is expected to open before the end of the year.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not available
- Address: 243 East Eau Gallie Boulevard
- Market: Indian Harbour Beach
- Landlord: The Sembler Co. - Greg Sembler
- Landlord's Representative: Not mentioned
- Landlord: Forge Capital Partners - Robert Moreyra
- Landlord's Representative: Not mentioned
- Tenant: Michaels
The Sembler Co. and Forge Capital Partners are the key individuals and companies involved in the lease agreement with Michaels. Greg Sembler represents The Sembler Co. as the landlord, while Robert Moreyra represents Forge Capital Partners. The collaboration between these parties aims to bring a new retail option to the Causeway Shopping Center, enhancing the retail offerings in Indian Harbour Beach.
Players
Indian Harbour Beach Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Deal FAQ
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