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3015 Grand Avenue, Miami, C...

@GLOSSLAB Signs Lease For New Location At CocoWalk In Coconut Grove
LEASEDRetail

@GLOSSLAB Signs Lease For New Location At CocoWalk In Coconut Grove

3015 Grand Avenue, Miami, Coconut Grove, FL 33133, USA

Building Size

12,300 SF

Asset Type

Retail

Closing

Aug 1, 2020

AI

Located at 3015 Grand Avenue in Coconut Grove, the retail property at CocoWalk has seen a new tenant - @GLOSSLAB, a membership-based nail studio operator. This marks @GLOSSLAB's 9th location in the U.S. and their first in Miami. The opening of their Miami location at CocoWalk was made possible through a lease agreement.

Summary of transaction details

  • Property Type: Retail
  • Tenant: @GLOSSLAB
  • Tenant Representative: Lyle Stern & Robin Weiner - Koniver Stern
  • Landlord Representative: Irma Figueroa - Senior Director of Real Estate @ComrasCompany
  • Address: 3015 Grand Avenue
  • Market: Coconut Grove

This lease agreement was facilitated by the tenant representatives, Lyle Stern and Robin Weiner of Koniver Stern, and the landlord representative, Irma Figueroa, who is the Senior Director of Real Estate at Comras Company.

@GLOSSLAB has raised $7 million thus far, with investments from various individuals and entities including @DaveGrutman, @LiveNation, Keke Palmer, @AlexPall, @DrewTaggart, @Mark_Sanchez, Amar’e Stoudemire, @PatrickSchwarzenegger, Elias Davis, and @JaredGoff.

Players

Irma Figueroa

The Comras Company

Broker

$10M

vol

6 deals

Broker
Koniver Stern Group
Koniver Stern GroupBrokerage

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