Rise exclusively and proudly presents this desirable South Beach Miami 2200 – 3200 rsf Retail Store or Restaurant unit for lease at 1215 West Avenue underneath the 45-room boutique ABAE Hotel, nestled among a mix of high end year round residential, tourist and retail activity. A strong fitting Retailer will build out this raw shell space to capture loyal locals’ repeat business as well as the new boutique 45-room 4-star ABAE Hotel’s upscale clientele.
Share common customers with international coffee and juice cafe Joe & the Juice, established 2002 and renowned for its trendy interior designs found at over 170 locations in 14 countries. This “Starbucks for Millenials” opened just Summer 2017 with a long term lease as Florida’s 2nd location. Rise recognizes that Joe’s vote of confidence should comfort any neighboring retail tenant’s risk tolerance. Additionally, long term lease holders benefit by adjacent 1255 West’s buildout of the Gravity Hotel and the expanded redevelopment of 1250 West’s Bay Garden Manor.
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The West Avenue Biscayne Bay side of South Beach Miami sits just 1 block West of Miami Beach’s main thoroughfare Alton Road averaging 35,000 daily vehicles. This particular neighborhood is the quieter side of South Beach, with premium condos overlooking the bay and beautiful Miami skyline, long term apartment rentals, less tourist traffic than the oceanside. Fashion models, athletes, executives, families and dog walkers call West Avenue and the Flamingo Park neighborhood home and enjoy their outdoor pedestrian lifestyles. 34,000 residents within 1 mile claim this neighborhood home. Average $81,000 household income suggests a strong retail marketplace.
Rise Advisor Kevin Albert Krueger‘s perspective:
Comparable retail rental rates across South Beach’s local residential/retail neighborhoods typical range $60-85/foot with $20+/ft expenses, property tax and insurance. This landlord’s $12.22 rate is well below market and our $58.00/rsf lease is positioned to immediately attract a top retailer to join ABAE Hotel and Joe & The Juice for the busy winter 2019 season. A quality new Miami Beach retail property’s rate cannot go lower than our asking rate. That rental rate is literally just above high end office leasing rates found in South Beach, Brickell or Downtown Miami’s modern offices. That said, the 1215 West Avenue retail unit could certainly serve a national residential real estate office to serve the 20,000 local households. However, Rise, the landlord, ABAE Hotel and Joe & The Juice feel best use would be a fast casual or high end Restaurant. The immediate access to shared retail customers along West Avenue, especially the thousands of monthly hotel guests presents a smart long term leasing investment to the right restaurant. Smart use may also be as fitness facility, yoga studio, art gallery/studio, high end convenience store, bakery, liquor/wine/beer store, event-driven retailer or many more options. Dream it up and Rise may advise your prospective tenancy.
Brokers and prospective Retail tenants, please call Keith Darby or Kevin Krueger @RiseRealty to discuss your South Beach leasing options: 305.859.1606.
Kevin Albert Krueger, RISE Commercial Realty Advisor
Contact Kevin Albert Krueger, RISE Commercial Realty Advisor