Z Ocean’s Front Porch Cafe, retail space and garage hit the market: $24.5M
The owner of the Crown Plaza South Beach – Z Ocean Hotel just listed its retail space and garage for $24.5 million, The Real Deal has learned.
Louis Taic, who owns the property that straddles Collins Avenue and Ocean Drive at 14th Street, is selling the fully leased, 12,518-square-foot ground-floor retail condo space that houses the Front Porch Cafe and two stores, Sauvage of Miami and Vibe of Miami. The cafe is located at 1458 Ocean Drive and the shops are at 1437 Collins Avenue in Miami Beach. The underground parking garage has 88 spaces.
Eastern Consolidated Senior Director and principal Azita Aghravi and JAW Commercial agent Jason Weisman have the listing. Chris Matousek, director of financial services for Eastern Consolidated is the analyst for the deal. The listing has not yet been posted by CoStar Group.
“It has a lot of exposure, a lot of foot traffic,” Aghravi told TRD. “It is across the street from Il Villaggio, and is close to 1500 Ocean, and you have Starbucks across the street.” The seller is putting the retail condo space on the market to “diversify his investments,” she said.
The Front Porch Cafe is paying $38 per square foot, triple net, and its lease expires in 2020, Aghravi said. The two stores are paying about $99 per square foot, triple net, and their leases expire in 2019. The garage’s lease expires in 2021. The tenants do not have options to renew their leases, she said.
“We believe we are very low on the leases for the market, because across the street they are asking $167 a square foot for retail and ours is $99,” Aghravi said. “Ours are larger spaces. So there is a lot of potential.”