Serafina Signs Lease For First Downtown Miami Location At Miami Worldcenter
652 Northeast 1st Avenue Miami, Florida 33132, USA
Building Size
8,176 SF
Asset Type
Retail
Closing
Aug 31, 2023
About this deal
AI
Serafina, an acclaimed Italian restaurant chain, will open its first location in Downtown Miami at Miami Worldcenter. The 8,176 square foot restaurant will have outdoor seating along the development's 7th Street pedestrian promenade.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not provided
- Address: 652 NE 1st Avenue H-144, Miami
- Market: Miami
- Landlord: Miami Worldcenter Associates - Art Falcone & Nitin Motwani; CIM Group - Shaul Kuba
- Tenant: Serafina
Serafina's first location in Downtown Miami will be at Miami Worldcenter. The restaurant, spanning 8,176 square feet, will offer outdoor seating along the development's 7th Street pedestrian promenade. The deal was facilitated by Art Falcone and Nitin Motwani from Miami Worldcenter Associates, as well as Shaul Kuba from CIM Group.
Players
Miami Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Deal FAQ
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