2nd Street Leases 3000 Square Feet At PMG's Society Wynwood In Miami For 10 Years
2431 Northwest 2nd Avenue
Building Size
3,000 SF
Asset Type
Retail
Closing
Sep 4, 2025
About this deal
AI
The asset involved is a retail property located at 2431 Northwest 2nd Avenue in Miami, encompassing a total area of 3,000 square feet. It is part of PMG's Society Wynwood development. This lease transaction reflects the expansion of the Japanese second-hand fashion retailer 2nd Street into the Florida market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Lease Term: 10 years
- Landlord: Kevin Maloney - PMG
- Tenant: 2nd Street
- Broker: Mitch Heifetz - Newmark
- Opening Date: Projected for Q3 2026
Mitch Heifetz of Newmark represented 2nd Street in this transaction. The lease signing marks a notable entry for the retailer into the Miami market, indicating a strategic growth move for their brand presence in the United States.
On the Map
Retail
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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