Wine collectors will soon have a new storage facility for their finest Cabernets and Chardonnays, The Real Deal has learned.
Vine Vault has leased a 6,300-square-foot facility at 1601 North Miami Avenue, with plans to open by November or December, CEO Elton Potts told TRD.
“We chose Miami because we saw a few things,” he said. “It’s a very vibrant market and a market that is growing, and we saw that there was an unmet need.”
Irma Figueroa, Comras Company‘s director of retail leasing and sales, represented the landlord in the transaction. The 17,616-square-foot building is owned by Jersy Ltd., whose principal is Steven Gombinski. Gombinski also owns property on Lincoln Road in Miami Beach and is the president of the Lincoln Road Property Owners Association.
The area from Midtown through Wynwood to the Arts & Entertainment District has seen significant absorption recently, said Figueroa, who has placed various tenants including BankUnited at 3140 North Miami Avenue, Body Details at 46 Northeast 36th Street, The Orchid Boutique at 171 Northwest 23rd Street, Sprint at 3150 North Miami Avenue and T-Mobile at 3154 North Miami Avenue.
Lease rates on North Miami Avenue can range from $50 per square foot to $60 per square foot between 36th Street and 29th Street, and from $25 per square foot to $45 per square foot from 16th Street to 29th Street, she told TRD.
The Miami location will be Vine Vault’s third. Its first, in Atlanta, will open next month, and an Austin, Texas facility will open in September, he said.
Andrew Lehrer of CBRE represented Vine Vault in the Miami lease, Potts said.
Rather than sell wine, Vine Vault works on a membership basis. Members can have their wine picked up at their home, packaged, inventoried and delivered when they want it. Pricing works on a per case stored basis, Potts told TRD.
“We’re after wine collectors, not just wine drinkers,” Potts said. “What happen is, if you are a collector, you continue collecting because you want one of these and one of those, and pretty soon you run out of space. And when it comes to something like wine, the wine needs to be stored correctly to enhance its value and its taste,” Potts said. “So we help collectors who are outgrowing their space, and people who live in condos, flats and apartments and don’t have the space to put in a wine cellar.”