Lease roundup: Industrious opens at Seritage’s Esplanade at Aventura

In other deals, Indian restaurant Bombay Darbar will open in Downtown Doral

Seritage Scores Industrious, Doug Levine Nabs Aroma360
Industrious’ Jamie Hodari and Justin Stewart with Seritage Growth Properties’ Andrea Olshan and a rendering of Esplanade at Aventura (LinkedIn, Seritage Growth Properties)

Industrious | Aventura 

Co-working firm Industrious opened at Seritage Growth Properties’ financially troubled Esplanade at Aventura development. 

New York-based Industrious has a 25,600-square-foot space at 19505 Biscayne Boulevard in Aventura with 97 offices, 386 desks and 12 phone booths, according to a news release from the co-working firm. The deal marks Industrious’ fifth outpost in South Florida and its 12th in the state. 

Jamie Hodari and Justin Stewart co-founded and lead Industrious. 

Seritage, based in New York and led by Andrea Olshan, spun off from Sears in 2015 and embarked on a strategy to redevelop former Sears and Kmart outposts. 

Seritage Scores Industrious, Doug Levine Nabs Aroma360
Rendering of Esplanade at Aventura (Seritage Growth Properties)

Seritage is developing the 215,000-square-foot, three-level Esplanade with offices and retail on the former Sears site adjacent to Aventura Mall

In the second quarter, the project experienced a $101.5 million “impairment” loss of value due to construction cost increases and “deteriorating market conditions,” publicly traded Seritage reported in Securities and Exchange Commission filings. 

Amid financial woes, Seritage went on a selling spree of its properties in recent years, prompting questions of whether the firm also would seek to offload Esplanade. 

The project, which is still under construction, was 66.6 percent occupied by the end of the second quarter, according to the SEC filing, though that was prior to Industrious opening this month. 

Seritage didn’t immediately return a request for comment. 

Bombay Darbar | Doral 

Indian restaurant Bombay Darbar will open its third South Florida outpost at the Downtown Doral development. 

Bombay Darbar leased 4,100 square feet at 8405 Northwest 53rd Street in Doral, according to the landlord’s news release. The restaurant will open next month. 

Its other South Florida outposts are at 2901 Florida Avenue in Miami’s Coconut Grove, and at 1521 East Las Olas Boulevard in downtown Fort Lauderdale, according to Bombay’s website. 

Coral Gables-based Codina Partners, led by Armando Codina and Ana-Marie Codina Barlick, is the master developer of the 250-acre Downtown Doral mixed-use project that includes multifamily real estate. 

Sign Up for the undefined Newsletter

Eden Park | Coral Gables  

French fashion brand Eden Park moved its Coral Gables store, but it’s staying in the city.  

Eden Park signed a five-year lease for 5,700 square feet at 348 Miracle Mile, according to the landlord’s news release. The store, which opened on Friday, moved from the Shops at Merrick Park at 358 San Lorenzo Avenue. 

Former French professional rugby players Franck Mesnel and Éric Blanc created the brand in 1987, drawing inspiration from the rugby jersey. Eden Park’s name is a tribute to the New Zealand rugby stadium. 

Coral Gables-based Terranova Corporation owns the Miracle Mile property. Stephen Bittel founded and leads the firm. 

Aroma360 | Wynwood | Miami

Aromatherapy supply store Aroma360 opened offices, and storage and production outposts in Miami’s Wynwood neighborhood. 

Aroma360 took 4,000 square feet at 10 Northwest 24th Street; 7,500 square feet at 31 Northwest 23rd Street; 2,000 square feet at 51-53 Northeast 24th Street; and 20,000 square feet at 38 Northwest 24th Street, according to a company spokesperson. The outposts, which are open, are not storefronts.  

Founded and led by Benzion Aboud, Aroma360 has collaborated with brands such as Ferrari and Cipriani, as well as celebrities such as Dwyane Wade and Dr. Dre. 

Miami-Dade County real estate investor Doug Levine, through affiliates, owns the buildings, property records show. Levine, who founded Crunch Fitness, moved from New York to South Florida after selling the fitness brand and started investing in real estate. 

The deals mark an expansion for Aroma360, which already leases a 50,000-square-foot warehouse at 1148 Northwest 72nd Street in unincorporated Miami-Dade. Records show this property is owned by an entity led by Joe Del Vecchio

Michaels | Delray Beach 

Arts and crafts retailer Michaels will open a store in Delray Beach

Michaels signed a 10-year, 25,600-square-foot lease at 14824 South Military Trail in the Delray Corner shopping plaza, according to the landlord’s and tenant’s brokers. The store is expected to open in the first quarter. 

Nicole Fontaine of Katz & Associates represented the landlord, and Bryan Fetherston of The Shopping Center Group represented the tenant. 

The 86,000-square-foot Delray Corner, previously called Bed Bath & Beyond Plaza, will be 97 percent occupied once Michaels opens. Tenants at the shopping center on the southeast corner of South Military Trail and West Atlantic Avenue include Starbucks and CVS. Humana subsidiary Conviva and tutoring center Mathnasium are expected to open early next year. 

Berta Management of Florida, led by Michael Kanoff and Lawrence Abrams, manages Delray Corner, records show.

Recommended For You