Jinduk Seo Of Bonchon Signs Lease For 2900 Square Feet At Moxy Miami South Beach
915 Washington Avenue
Building Size
2,900 SF
Asset Type
Retail
Closing
Oct 21, 2024
AI
The property asset is a retail space located at 915 Washington Avenue, Miami Beach, encompassing 2,900 square feet. The transaction involves the leasing of this space, which is housed within the Moxy Miami South Beach hotel.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not disclosed
- Address: 915 Washington Avenue
- Market: Miami Beach
- Landlord: David Lichtenstein - Lightstone Group
- Tenant: Jinduk Seo - Bonchon
- Landlord's Representative: Vicki Freeman - The Comras Company
- Tenant's Representative: Ryan Brodsky - Colliers
Bonchon, represented by Ryan Brodsky of Colliers, has plans to open in the leased retail space by year-end and is recognized for its hand-battered, double-fried chicken, expanding its presence in the Miami Beach market.
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