Pair of retail leases signed for Centro in downtown Miami
Jon Smith Subs, a Palm Beach County-based sandwich chain that touts “bigger portions” and “better subs,” and Bellamia, the global Italian gelato franchise, have both signed leases at $75 per square foot to occupy spaces on the ground floor of Centro.
The deals are among the highest retail rents in downtown Miami, according to Newgard Development group, the developers behind the newly built 37-floor mixed-use project.
Landlord Gil Blutrich of the Israel-based publicly-traded Mishorim Development Group, along with local partner Shai Ben Ami of Sterling Equity Realty, represented themselves in the lease negotiations, according to a release. Blutrich and Ben Ami bought the 4,350 square-foot ground floor at 151 Southeast First Street from Newgard Development group in August 2016 for $615 per square foot, in a deal totaling $2.65 million.
“With rising demand for Centro, we are diverting tenants to other downtown retail sites,” Ben Ami said in a statement, “there is tremendous interest in our remaining 2,150-square-foot prime corner space.” Ben Ami has negotiated several deals in Miami’s urban core involving high-profile Israeli businessmen, such as Moishe Mana’s acquisitions on East Flagler Street.
Because of zoning rules which allow developments without parking if they are located near mass transit, Newgard was able to build the condo tower without parking, which reduced costs. Unit prices range from the mid $300,000 to the $500,000, and the developer began turning over units to owners in late July.
Mishorim owns property in Israel, Canada, and in the U.S., where it owns, among other properties, the Hyatt Regency in Cleveland.
The leases mark the first Miami-Dade County location for Jon Smith Subs, with 1,200 square feet, an is an expansion for Bellamia’s, which has taken 1,000 square feet, and has 44 worldwide locations. Bellamia also has stores under development in Wynwood, Westfield Mall, and on Ocean Drive in Miami Beach, according to the release. — Gabrielle Paluch