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Tricera Capital And LNDMRK Development Secure Several Exciting Tenants At Society Wynwood

Society Wynwood_Image Courtesy of Boardroom PR 1170x435

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and LNDMRK Development completed several leases totaling almost 14,000 square feet at major mixed-use development Society Wynwood.

Newly signed tenants include Starbucks, Chama De Fogo Brazilian Steakhouse and Nacho Daddy.

Starbucks will occupy 2,615 square feet of retail space at Society Wynwood. The Seattle-based coffee giant has a strong presence throughout South Florida, including at Tricera’s Shops at the Press in West Palm Beach.

Chama De Fogo leased 5,522 square feet at Society Wynwood for its second Miami location. The Brazilian steakhouse concept has become extremely popular over the years, and Chama De Fogo prides itself on its authentic gaucho barbecue and high-quality meats. The Society Wynwood location will feature a casual dining restaurant, butcher shop and delicatessen.

The Las Vegas-born Nacho Daddy opened its first store in 2010. Today, the modern Mexican-style restaurant has grown tremendously with six locations nationwide serving gourmet nachos and more. The 5,434-square-foot lease in Society Wynwood will be the restaurant’s seventh and the only one in Florida.

“We are excited to be part of the continued growth of Wynwood and bring compelling tenants such as Starbucks, Chama De Fogo and Nacho Daddy to this project,” said Tricera President | Head of Leasing Dustin Ballard. “Society Wynwood will add to the elevated ecosystem of restaurants, retail and living experiences the eclectic art district offers its residents and guests.”

Irma Figueroa, Andrew Rosenberg and Max Gelband with Comras Company are Tricera and LNDMRK’s leasing representatives at Society Wynwood.

Elizabeth Higgins, Marty Arrivo and Aracibo Quintana of Acre represented Starbucks in its lease. Elizabeth Hazan of Byblos Hospitality Holdings was a consultant for Chama De Fogo. Jenny Geffen and Dave Preston with Colliers represented Nacho Daddy.

In partnership with Society Wynwood developers PMG and Greybrook Realty Partners, Tricera and LNDMRK are forward-purchasing over 32,000 square feet of ground floor retail at the project. The 2431 NW Second Ave. development is conveniently located in the center of the Wynwood Art District, within walking distance of many new developments and retail shops. Along with the ground-floor retail, Society Wynwood has almost 300 modern residential units and a private parking garage, making it the area’s premier new development.


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Miami’s Love Of Big-Box Stores Defies National Retail Trends

Retail in South Florida is defying the harsh reality facing the rest of the country.

Even with delivery of approximately 178K SF of new retail product in Q4 2019, vacancy rates remained at 4.5% in Miami-Dade County, same as the prior quarter, according to Colliers International research. Net absorption for the year was over 671K SF.

Dave Preston, Colliers executive managing director of retail services, marveled at the continuing strength of the sector. The average asking rent per SF was $38.18, up from $34.81 the year prior.

“Something at some point is going to have to give, but right now we’re still seeing upward trajectory,” he said.

Notable big-box leases included a 37K SF 24-Hour Fitness in the airport submarket, a 34K SF Ross Dress for Less in Downtown Miami and a 30K SF Pinstripes at The Plaza Coral Gables. Ross alone added 98 stores nationwide last year.

“Discount stores like Target, Marshalls and Ross Dress for Less continue to be thriving in today’s market and absorbing vacated box space,” Colliers officials wrote in the report. “Their business models have protected them from the threat of e-commerce, as well as their convenient location in busy grocery-anchored plazas.”  

Colliers pointed out the strength of entertainment retail concepts, evidenced by the growth of Pinstripes, and also noted the record sale of The Shops at Merrick Park in Coral Gables — part of Brookfield’s acquisition of four top-tier malls across the country. Brookfield intends to redevelop surrounding land with complementary uses such as hotel, office and residential.

“I would say that, as usual, South Florida is doing a pretty good job bucking some national trends,” Preston said. Miami’s density, tourist dollars and foreign money make it so that “our market is a different animal in a lot of ways.” 

“Your Ross or Marshalls in South Florida, a 20K or 30K SF space, will do anywhere between $6M to $15M-$20M in sales,” Preston said, adding that even though customers can now get nearly any product delivered to their door, “nobody wants to sit in the house day and night. People want get out of their houses for something.”

Stores like Marshalls, TJ Maxx and Yoyoso (a Chinese retailer that recently leased a prime 41K SF space on Lincoln Road) give shoppers a reason to return frequently because they offer high turnover of product.

“People want to be a little bit surprised,” he said.   If and when the economy contracts, Preston said, weaker players may fall out, but he expects health and fitness to remain strong. 

“If the sales are there, they’re opening more stores,” Preston said.


Source:  Bisnow

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