Roberta's Leases 3,000-Square-Foot Retail Space In Miami Beach's 72 Park For Florida Debut
580 72nd Street Miami Beach, Florida 33141, USA
Building Size
3,000 SF
Asset Type
Retail
Closing
Aug 28, 2023
About this deal
AI
Brooklyn's famous pizzeria Roberta's is set to open its first Florida location in Miami Beach's luxury condo project, 72 Park. The restaurant has secured a lease for a 3,000-square-foot retail space within the development. Known for its wood-fired Neapolitan pies, Roberta's has gained international acclaim, and this expansion marks its Florida debut.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: N/A
- Address: 580 72nd Street, Miami Beach
- Market: Miami Beach
- Square Footage: 3,000
Lefferts Investments, Russell Galbut of GFO, and Matis Cohen represent the landlord in this lease deal for the retail space at 72 Park. On the tenant side, Roberta's is represented by Carlo Mirarchi, who is responsible for bringing the renowned pizzeria to its Florida location. This exciting venture will allow Roberta's to introduce its acclaimed cuisine to a new audience in Miami Beach.
Players
Miami Beach 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