Developer Starts Demo On Miami Design District Site For 90,000 SF Project
The project will accept cryptocurrency as an option for lease payments.
The project will accept cryptocurrency as an option for lease payments.
The mall was 80 percent leased at the time of sale to more than 100 tenants.
The development broke ground in January this year with an expected completion date in the first half of 2024.
As Miami Beach continues to experience business migration and the return of international visitors, the Lincoln Road District reports drawing over 7.8 million visits over the past year, demonstrating a strong post-pandemic recovery in foot traffic.
The new sale marks the third time the brokers sold the same corner over a 10-year period.
Formerly an industrial building, the stand-alone property has been fully converted for office and restaurant use and features a rooftop terrace.
Eichholtz’s lease marks its first branded flagship location in Miami.
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
The company is aggressively seeking prospective Pink Bird sites on Florida’s east coast, from Broward to Brevard counties, with minimum dimensions of 150 x 200 feet, in high traffic locations with left-in access and strong retail co-tenancy.
The Mary Brickell Village location will be the restaurant’s ninth location.
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