A happy hour fixture in Miami’s financial district for 13 years, Gordon Biersch Brewery has closed its Brickell Avenue restaurant and bar to make way for CVS.
The company closed the Colonnade Plaza location earlier this month, Daily Business Review reported. Brokers involved in the CVS lease say the transaction took more than 24 months to complete. Gordon Biersch received an undisclosed buyout as part of the lease transfer to CVS for the 10,000-square-foot retail space.
Financial terms of the CVS lease were not disclosed. Retail rents in Brickell have surged to nearly $80 per square foot, according to the Miami Downtown Development Authority.
Colonnade Plaza at 1201 Brickell Avenue is owned by Florida East Coast Realty.
Gordon Biersch is a division of Big River Restaurants. It does not have any other Florida locations.
Carol Ellis-Cutler, senior vice president and partner at the Coral Gables office of Colliers International, represented CVS. Florida East Coast’s Jerome Hollo represented the landlord. [Daily Business Review] — Eric Kalis