Salt & Straw Leases 1,500 SF Retail Space On Lincoln Road In Miami Beach From Terranova Corporation
749 Lincoln Road Miami Beach, Florida 33139, Usa
Building Size
1,500 SF
Asset Type
Retail
Closing
Aug 28, 2023
AI
Ice cream chain Salt & Straw has leased a 1,500-square-foot space at 749 Lincoln Road in Miami Beach from Terranova Corporation. This marks Salt & Straw's third location in the city. The shop is set to open soon in the seven-property Lincoln Road portfolio managed by Terranova.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Lease
- Square Footage: 1,500
- Address: 749 Lincoln Road, Miami Beach
- Market: Miami Beach
Terranova Corporation, owned by Stephen Bittel, acted as the landlord in this lease transaction. Kim Malek, co-founder of Salt & Straw, represented the tenant. Salt & Straw is known for its unique and high-quality ice cream flavors. With this new lease, they are expanding their presence in Miami Beach and joining the seven-property Lincoln Road portfolio managed by Terranova.
Market 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