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850 Northeast 2nd Avenue

The Container Store Leases 15,681 SF Retail Space At Miami Worldcenter
LEASEDRetail

The Container Store Leases 15,681 SF Retail Space At Miami Worldcenter

850 Northeast 2nd Avenue

Building Size

15,681 SF

Asset Type

Retail

Closing

Nov 7, 2023

AI

The Container Store has leased a 15,681-square-foot retail space at Miami Worldcenter, located at 850 Northeast 2nd Avenue in Miami. The development, which is already 90% leased, is a 27-acre mixed-use site in Downtown Miami. The addition of The Container Store will mark its seventh location in South Florida and is expected to be open by the end of next year. The Miami Worldcenter features various high-profile tenants and offers a vibrant and bustling retail scene.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: Not Available
  • Address: 850 Northeast 2nd Avenue, Miami
  • Market: Miami
  • Square Footage: 15,681

The landlord of the leased space at Miami Worldcenter is Art Falcone, Nitin Motwani, and CIM Group, represented by Shaul Kuba. The tenant, The Container Store, was represented by Satish Malhotra. The deal highlights the collaborative efforts of these individuals and companies in securing the lease agreement.

Players

Shaul Kuba

CIM Group

Landlord

$796.2M

vol

25 deals

Landlord

Satish Malhotra

The Container Store

Tenant

2 deals

Tenant

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