Burlington Leases 21,260 Square Feet At Westchester Shopping Center In Miami With Landlord Westchester Mall Associates
8508 Southwest 24th Street
Building Size
21,260 SF
Asset Type
Retail
Closing
Aug 22, 2024
AI
The property involved in this lease transaction is a retail space situated at 8508 Southwest 24th Street in Miami. The asset encompasses a total area of 21,260 square feet, contributing to the retail market of the area. The property is associated with the Westchester Shopping Center, where it will transition to new occupancy in fall 2024.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 8508 Southwest 24th Street
- Market: Miami
- Landlord: Westchester Mall Associates, LLC
- Tenant: Michael O'Sullivan - Burlington
- Landlord's Representative: Paco Diaz - CBRE
- Tenant's Representatives: Greg Godino & Ross Waters - Atlantic Retail
CBRE has successfully secured the lease for Burlington, which will occupy a space that was previously home to Valsan. This transaction is significant as it leads to the full occupancy of the Westchester Shopping Center, an indicator of active engagement in the local retail sector.
Players
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