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2431 Northwest 2nd Avenue

2nd Street Leases 3000 Square Feet At PMG's Society Wynwood In Miami For 10 Years
LEASEDRetail

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

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.

Players

Mitch Heifetz

Newmark

Broker

5 deals

Broker
Newmark
NewmarkBrokerage

Market 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