|
Getting your Trinity Audio player ready...
|
JLL recently announced it has negotiated the $5.8 million sale of a 7,500-square-foot corner retail space with an additional 5,000 square feet of outdoor space located on the ground floor of the iconic 54-story condominium tower 50 Biscayne in Downtown Miami.
The sale in the building, known for its art murals that stand out in the city skyline, was the culmination of a purchase option of a lease transaction executed in May of 2021.
JLL managing director Zach Winkler led the sale on behalf of the purchaser, AXB I LLC, an entity led by Rex Gryphon, a team of hospitality professionals creating restaurant brands infused with extraordinary dining and upscale entertainment. The brand currently owns and operates the restaurant and club WET at 1100 S. Miami Ave. in Miami’s Brickell neighborhood and was looking to expand its operations. The seller, TTN Holdings LLC, was represented by Arnaldo Cantero III, managing member of BGRS Commercial Real Estate Advisory.
“Despite limited availability, Miami’s urban core continues to experience heightened demand for retail space from both domestic and international brands,” said JLL’s Winkler.
“With another restaurant concept in Miami already, Rex Gryphon recognized the long-term potential of owning this valuable corner in Miami and investing to build out the space, and open another exciting dining concept in the heart of the city yield great results.”
Located on the corner of Biscayne Boulevard and Downtown Miami’s historic Flagler Street, the space sits across the street from the city’s iconic Bayfront Park, which spans 32 acres with open lawn spaces, wide baywalk, sandy beach area, stunning fountain, performance venues, tropical rock garden, and waterfall, and boasts convenient access to multiple transportation options including the Brightline Train Station, Metromover, and I-95.
“For many years, my client was looking for the right fit for the space that would benefit and appeal to the tower’s residents above and larger Downtown Miami community,” said Arnaldo Cantero III. “We are excited to have reached an agreement with Rex Gryphon and have this prime retail space meet its full potential, while also meeting my client’s interest to sell the condo units in the near future by bringing in a known name in South Florida.”
According to JLL’s Summer Florida Retail Report, rising competition for retail space in Florida means less available freestanding space and a higher demand for first- and second-generation space. Miami has been one of the strongest retail markets in the country over the past two years with one of the state’s highest occupancy rates at 96.8 percent, and while demand remains high in the market, limited availability, high rents and competition are pushing the market to its peak.
ABOUT US:
For more Miami community news, look no further than Miami Community Newspapers. This Miami online group of newspapers covers a variety of topics about the local community and beyond. Miami’s Community Newspapers offers daily news, online resources, podcasts and other multimedia content to keep readers informed. With topics ranging from local news to community events, Miami’s Community Newspapers is the ideal source for staying up to date with the latest news and happenings in the area. Additionally, the newspaper has exclusive Miami community podcasts, providing listeners with an in-depth look into Miami’s culture. Whether you’re looking for local Miami news, or podcasts about the community, Miami’s Community Newspapers has you covered.
