1000 17TH STREET MIAMI BEACH, FLORIDA PLEASE EMAIL JARED@INHOUSECRE FOR OFFICIAL OM 03 Property Overview 08 Investment Highlights CONTENTS 11 Tenant Overview 15 Market Overview 1000 17TH STREET 2 PROPERTY OVERVIEW 1000 17th Street is a 18,000 square foot three-story retail property located in the heart of Miami Beach and one block north of Lincoln Road. Newly constructed in 2014, the Property features an iconic design by internationally renowned architecture firm Arquitectonica. The design offers exceptional frontage along 17th Street and includes large, floor-to-ceiling windows throughout the building as well as carefully designed outdoor terrace space. The Property is anchored by Suitsupply and is currently 74.50% leased with the remaining ground floor availabilities in white-box condition. ADDRESS 1000 17th Street Miami Beach, Florida 33139 SITE SIZE (LOT SIZE) +/- 8,000 SF or +/- 0.18 acres ACCESS 1000 17th Street is situated along 17th Street between Lenox Avenue and Michigan Avenue one block north of Lincoln Road in the heart of South Beach. The Property is accessible via street parking as well as pedestrian walkways along 17th Street, Lenox Avenue and Michigan Avenue. Additionally, there are two city surface lots immediately to the west and south of the Property in addition to municipal and private garages nearby. ENVIRONMENTAL A phase I environmental report was completed by EE&G on April 23, 2007. This study revealed no environmental concerns affecting the Property. FLOOD ZONE The property is located within flood zone “AE”. 1000 17TH STREET 3 AERIAL MAP 1700 17TH STREET PARKING PARKING PARKING PARKING 1000 17TH STREET 4 PARKING 1000 17TH STREET 5 PROPERTY OVERVIEW ADDRESS 1000 17TH Street Miami Beach, FL 33139 INTERSECTION 17TH Street at Michigan Avenue YEAR BUILT 2014 LOT SIZE (SF/ACRES) 8,000/0.18-acres GLA (SF) 18,000 OCCUPANCY 74.50% TENANTS Suitsupply, Circuit Academy Gym, Eye Desire, Kumpman Electric Pop-Up FRONTAGE 17th Street: 160 feet Michigan: 50 feet LOT DIMENSIONS 160’ x 50’ ZONING CD-3 high intensity (retail/commercial) 1000 17TH STREET 6 FLOOR PLANS 1000 17TH STREET 7 INVESTMENT HIGHLIGHTS 1000 17TH STREET 8 INVESTMENT HIGHLIGHTS HIGHLY FUNCTIONAL NEW DEVELOPMENT Constructed in 2014, 1700 17TH Street (“the Property”) features an open-space design, floor-to-ceiling glass storefronts, 15.5-16.5 foot ceiling heights and ideal 50 foot bay depths. CASH FLOW PROPERTY The Property is currently 74.50% leased and presents a cash flow opportunity for a prospective buyer. ICONIC BUILDING 1000 17th Street features an iconic design by renowned architectural firm Arquitectonica—a prominent and internationally recognized firm led by Bernardo Fort Brecia and Laurinda Hope Spear and headquartered in Miami. ANCHORED BY INTERNATIONALLY ACCLAIMED RETAILER The entire third floor is net leased to Suitsupply, an internationally acclaimed men’s clothing retailer headquartered in Amsterdam. The retailer continues to garner accolades around the world for its approach to men’s suits and Business Insider called it the ”go-to brand for American guys”. STRATEGICALLY SITUATED ADJACENT TO LINCOLN ROAD Strategic location just steps from Miami’s top tourist destination, Lincoln Road, and adjacent to flagship stores for Apple, Nike, Gap, Intermix, and Athleta. MINUTES AWAY FROM THE NEWLY RENOVATED MIAMI BEACH CONVENTION CENTER The Property is located two blocks from the newly renovated Miami Beach Convention Center which attracts over 6,000,000 visitors annually. Additionally, plans are underway to bring a hotel to the convention center in the coming years. 1000 17TH STREET 9 INVESTMENT HIGHLIGHTS CONTINUED PRIME, IN-FILL LOCATION 1000 17th Street is located immediately adjacent to both Lincoln and Alton Roads within the South Beach retail submarket of Miami Beach. Lincoln Road continues to be Miami’s dominant “high-street” retail corridor that draws international acclaim for tourists and residents alike. Alton Road is also home to a variety of high-volume local and national retailers, but more importantly, it serves as a primary north-south thoroughfare on the west side of South Beach providing access to all three major causeways onto the island (I-195, I-395, and Venetian Causeway), as well as to Miami Beach’s residential neighborhoods and points north. AMPLE PARKING PROVIDED 1000 17th Street is surrounded by public parking lots owned by the city which offers parking at a subsidized. The abundance and proximity of parking is a rarity in urban settings and makes it convenient and inexpensive for visitors. UNENCUMBERED OFFERING Offered free and clear of existing financing, allowing an investor to leverage highly favorable capital markets to increase returns. EXCEPTIONAL RETAIL MARKET Globally Recognized Destination with over 15.7 million visitors annually and one of the US’ top international visitor markets. Exceptional Retail Market driven by strong foreign and tourist spending, dense local and regional population, and intense immediate daytime drivers. The strength of the retail market is manifested in consistently limited vacancies coupled with a resilient, long- term trend of rental rate growth that is largely insulated from the general cyclical movements of the economy. Extremely High Barriers to Entry given the market’s protected historical architecture, restrictive land-use and development rights, and absence of available development sites. One of the Most Densely Populated and urban in-fill communities south of New York. Highly Sought-After Location for new national and international concepts to the Southeast US. 1000 17TH STREET 74.50% $70-90/SF 4,592 SF $960,226 OCCUPIED GROUND FLOOR GROUND FLOOR POTENTIAL NOI MARKET RENTS AVAILABILITY AT STABILIZATION NNN 1000 17TH STREET 10 TENANT OVERVIEW 1000 17TH STREET 11 SUITSUPPLY Suitsupply is a men’s fashion brand founded in 2000 by Fokke de Jong in Amsterdam. Suitsupply is a vertically integrated company, and the brand is known for choosing unconventional retail locations. Suitsupply is a member of the Fair Wear Foundation (FWF) and uses fabrics sourced from the historic mills of Italy such as Vitale Barberis Canonico and Reda for its products. Its suits are made in China. Suitsupply has an online store and brick-and-mortar stores in countries including Belarus, China, the Netherlands, Belgium, Germany, Italy, Latvia, Lithuania, Mexico, United Kingdom, Canada, Russia, Singapore, Switzerland, and the United States. There are currently over 100 locations worldwide. Suitsupply’s first store outside the Netherlands was opened in Antwerp in 2007, and in the same year a store was opened on Vigo Street, London. Suitsupply’s headquarters are located in Amsterdam; they also have offices in New York City and Shanghai. Suitsupply was named among the best places for suits in New York City by New York Magazine in 2012, and among the best new menswear stores by GQ Magazine in 2011. The Wall Street Journal reported in 2011 that a Giorgio Armani suit priced at $3,625 equaled the quality of a Suitsupply suit priced at $614. Fashion industry insider Tim Gunn named Suitsupply’s “impeccable and affordable” suits on a list of 12 things he can’t live without in an interview for Elle Decor. 1000 17TH STREET 12 CIRCUIT ACADEMY GYM Circuit Academy is the brand-new state-of-the-art fitness center designed to maximize personal space and health safety standards, with top-of-the-line fitness equipment and facilities. The concept was founded by two local fitness industry vets, and opened in early 2021. The space consists of an open-layout, with 16ft ceilings, all private bathrooms and show suites, and top-of-the-line ventilation system for maximum air quality and spacing. Circuit Academy is currently collaborating with Soho Beach House to provide members with gym access. 1000 17TH STREET 13 EYE DESIRE Eye Desire is a private optometric practice and luxury eyewear store that has been a family run business in Miami since the 1970s. In 2021, Eye Desire opened its new home on the ground floor of 1000 17th Street, with a beautiful build-out. Eye Desire strives to provide the most comprehensive eye exams and utilize the newest ophthalmic equipment technology, which is why the practice is beloved by Miami locals and visitors. 1000 17TH STREET 14 MARKET OVERVIEW 1000 17TH STREET 15 “DEVELOPERS BET ON LONG-TERM DEMAND FOR CLASS A MIAMI BEACH OFFICE SPACE” The City of Miami Beach has sent out an RFI for developers to build office buildings on four city- owned lots around Lincoln Road. Related Group, Dacra’s Craig Robins, Terra’s David Martin, G7 P29 Starwood Capital and more than a dozen other developers expressed interest. The city is seeking to capitalize on major wealth migration from the TH 1000 17 Northeast, California and other high tax markets, STREET P25 G5 G9 and the subsequent movement of major finance P27 and tech firms . The vacancy rate in Miami Beach P24 P26 was 15.8 percent, which is lower than the county’s total vacancy rate of 18.1 percent. P19 P18 P22 P21 P20 For more information, please click here. P23 1000 17TH STREET 16 MIAMI BEACH NOTABLE STATS 28M 74.5% VISITORS A YEAR ARRIVE IN MIAMI OF ALL VISITORS SPEND TIME ON MIAMI BEACH DURING THEIR STAY 12.6M OVERNIGHT VISITORS TO MIAMI AND THE 1 OF EVERY 2 BEACHES A YEAR VISITORS WHO VISIT MIAMI BEACH VISIT LINCOLN ROAD 11M ANNUAL VISITORS TO LINCOLN ROAD #2 MOST VISITED CITY IN THE U.S. BY OVERSEAS TRAVELERS FLORIDA NOTABLE STATS 330,000 #2 1,000 PEOPLE RELOCATED TO FLORIDA US STATE WITH INBOUND MIGRATE TO FLORIDA EACH DAY BETWEEN APRIL 2020 AND APRIL 2021 MOVERS IN 2020 1000 17TH STREET 17 RETAIL DEMAND DRIVERS Miami Beach is seen as a trend-setting arts and entertainment mecca, and a shopping and TOP 5 U.S. CITIES FOR OVERSEAS VISITORS cultural wonder by visitors, world travelers, celebrities and locals alike.
Details
-
File Typepdf
-
Upload Time-
-
Content LanguagesEnglish
-
Upload UserAnonymous/Not logged-in
-
File Pages20 Page
-
File Size-