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340 SE 3rd St, Miami, FL, 3...

Real Madrid Café Leases Retail Space At 340 SE 3rd St, Miami
LEASEDRetail

Real Madrid Café Leases Retail Space At 340 SE 3rd St, Miami

340 SE 3rd St, Miami, FL, 33132

Building Size

12,000 SF

Asset Type

Retail

Closing

Jun 29, 2017

AI

The Real Madrid Café, a 12,000-square-foot, two-story retail space located at 340 Southeast Third Street in Miami, FL, 33132, is set to open at Met Square in downtown Miami in early 2018. The facility will feature a restaurant, bar, Real Madrid-themed merchandise store, and VIP Lounge. The lease was brokered by Lyle Stern of the Koniver Stern Group on behalf of MDM Group, the developer of Met Square.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not provided
  • Tenant: Real Madrid Café
  • Square Feet: 12,000
  • Market: Miami
  • Tenant's Rep: Kevin Lurie
  • Landlord: MDM Group
  • Tenant's Rep Agency: Creative Realty Group, LLC

Kevin Lurie, from Creative Realty Group, LLC, represented Real Madrid Café in the deal. The Real Madrid Café is part of the American Franchise Group's partnership with Real Madrid across the Americas. Met Square, the location where the café will be situated, will also include a Silverspot Cinema, additional restaurants, retail outlets, and residences upon its completion.

Players

Kevin Lurie

Broker

$8.6M

vol

2 deals

Broker
MG
MDM GroupLandlord

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