Epicure owner slices up Miami Beach space to sublease

Jason Starkman has a master lease for the 31,000-square-foot space until 2041

Aug.August 14, 2019 08:45 AM
Brian Carter, Ross Padfield and Filippo Incorvaia and a rendering of the space

Brian Carter, Ross Padfield and Filippo Incorvaia and the building

Gone are the days of Epicure Gourmet Market & Café’s matzo ball soup, tuna sandwiches and baked goods. But Epicure owner Jason Starkman is working to redevelop the retail space in Miami Beach into smaller units that he can sublease, The Real Deal has learned.

Starkman, who closed the Miami Beach institution in September 2017 following Hurricane Irma, is now demolishing the interiors of the store at 1656, 1664 and 1680 Alton Road to build nine retail spaces and two office spaces, listing broker Brian Carter said.

Carter, Ross Padfield and Filippo Incorvaia of Douglas Elliman are listing the space for lease.

A rendering of the space

A rendering of the space

Starkman has a master lease for the 31,000-square-foot space until 2041. Records show the Miami Beach property is owned by Alton Road Investments LLC, a Delaware company managed by Robert Shor.

The spaces are asking between $50 per square foot and $80 per square foot, roughly 30 percent to 40 percent less than asking rents on Lincoln Road, Carter said. The property has approval for two grease traps, and includes an industrial freezer and a one-ton lift.

The office space ranges from 2,500 square feet to 5,500 square feet, according to the website. There are also two outdoor courtyards facing West Avenue, one for 800 square feet and another 2,650 square feet.

Carter said that retail rents in general start at $150 per foot on Lincoln Road. “That’s why you see a lot of restaurants leaving Lincoln,” he added.

Starkman and his brother purchased the family business from the Thal family in 1998, according to the Miami New Times. Epicure opened in 1945 as a butcher shop, later opening locations in Sunny Isles Beach and Coral Gables, both of which closed prior to the Miami Beach store.

In addition to damage from Hurricane Irma, Epicure was facing increased competition from nearby grocery stores like Publix and Whole Foods. Around the corner from Epicure, a new Trader Joe’s is expected to open soon.

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