Victoria's Secret Leases 8000 Square Feet Retail Space At 900-904 Lincoln Road Miami Beach
900 Lincoln Road
Building Size
8,000 SF
Asset Type
Retail
Closing
Sep 18, 2024
About this deal
AI
The property asset involved in this transaction is a retail space located at 900-904 Lincoln Road, Miami Beach. The total square footage of the asset is 8,000 square feet. The property is situated in a prime market area, catering to a variety of retail opportunities.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Address: 900-904 Lincoln Road
- Market: Miami Beach
- Landlord: ALTO Real Estate Funds
- Tenant: Victoria’s Secret
- Landlord's Representative: Jonathan Carter & Ryan Brodsky - Colliers
- Tenant's Representative: Brandon Nocella - Strategic Retail Advisors
Victoria's Secret has entered into a long-term lease agreement with ALTO Real Estate Funds, marking a significant relocation for their flagship store. The deal was facilitated with representation from Colliers for the landlord and Strategic Retail Advisors for the tenant.
Players
Miami 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