Tutto Il Giorno Opening First Florida Location In Palm Beach On Intracoastal Waterway
70 Royal Poinciana Way Palm Beach, Florida 33480, USA
Building Size
8,500 SF
Asset Type
Retail
Closing
Aug 28, 2023
About this deal
AI
Tutto il Giorno, a Mediterranean restaurant group, will be opening its first Florida location in Palm Beach. The restaurant will be situated on Royal Poinciana Way and will offer a spacious 8,500 square feet of retail space. As part of a lease agreement, the property will be owned by WS Development and will be located on the Intracoastal Waterway.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: N/A
- Address: 70 Royal Poinciana Way
- Square Footage: 8,500 SF
- Market: Palm Beach
- Landlord: WS Development
- Tenant: Tutto il Giorno - Gianpaolo de Felice, Gabby Karan de Felice, Gally & David Mayer
Tutto il Giorno, founded by Gianpaolo de Felice, Gabby Karan de Felice, Gally, and David Mayer, is a renowned Mediterranean restaurant group. Their new Palm Beach location, expected to open in late 2024, will accommodate up to 200 guests and will provide a picturesque view of the Intracoastal Waterway.
Players
Palm 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