facebook

traded

+ Submit
Home

/

Deals

/

Florida

/

Retail

/

Lease

/

8508 Southwest 24th Street

Burlington Leases 21,260 Square Feet At Westchester Shopping Center In Miami With Landlord Westchester Mall Associates
LEASEDRetail

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

Greg Godino

Atlantic Retail

Broker

$8.2M

vol

3 deals

Broker

Miami Retail Market Snapshot

Boundary boundary · Retail · Lease transactions

Loading comparables…

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