Miami Beach, Florida – We have NNN Commercial Real Estate news on a very unique Net Leased Property tenant, the South Beach Victoria’s Secret. This SoBe (South Beach) net leased property sold for $17,650,000. This area in Miami Beach, Florida is very attractive to NNN Commercial Real Estate investors. This Victoria’s Secret Net Leased Property sits in the heart of South Beach, near Collins Avenue. The Net Leased Property is positioned surrounded by World Class shopping and various restaurants. One of the nation’s largest Commercial Real Estate Investment services firm helped put this net leased property transaction together.
The Victoria’s Secret Net Leased Property is located at 745 Collins Ave., Miami Beach, Florida. The Commercial Property Seller was Matacumbe Enterprises LTD, receiving $17.65 million, which equates to approximately $1,331 per square foot. The Commercial Property with Victoria’s Secret is a retail building that is approximately 13,625 square feet. The Victoria’s Secret net leased property is a three-story building and was built in 1940, when Miami Beach was just starting to become popular.
The Miami Beach Net Lease Investment is split up with approximately 10,259 square feet of net leased retail space on the first two floors. Then the Commercial Property has about 3,011 square feet of office space and storage space available on the third floor. This Miami Beach Net Leased Property had some renovations completed in 2009.
The South Beach Net Lease Investment Buyer is a foreign entity with an office, up north in New York City. It appears the Commercial Property Investor used foreign capital for the Investment Property financing for this deal. The Net Lease Investment Tenant, Victoria’s Secret currently operates under a 15-year (NN or Net Net) double net lease on the property with about 14 years left on the base lease term.
This net lease property contract has one 10-year option to renew for the South Beach Victoria’s Secret. This Net Lease Investment is also delivered with annual 2.5% rent increases during the base lease term. Also these rent bumps are in the option period, built into the net lease.
There are plenty of National retail, net lease property tenants nearby including Ralph Lauren, Banana Republic, Guess, Barneys New York, Armani Exchange, Club Monaco, Urban Outfitters, Kenneth Cole, Steve Madden, Versace, Sephora and Dash. Also nearby are NNN Commercial Real Estate retail boutiques with net lease property Tenants such as Diesel, Quicksilver, and many more.
While we are in the Miami Beach, Florida area, there is NNN Commercial Properties news on an Italian gelateria. A Net Lease Properties tenant, who is new to America, is opening in the Axis, in Miami, Florida. This Net Lease Properties Tenant is Gelato Nostro. The Italian gelateria NNN lease property is on the ground floor next to the beautiful Axis condominium project. This Net Lease Property location is at 1111 S.W. First Avenue, near the Mary Brickell Village. The Italian gelateria will take about 1.612 square feet of space at the Florida NNN Commercial Property.
The NNN Lease Property Tenant will offer over 30 flavors of delicious Italian Gelato, including the premium Brickell Bacio gelato. This Italian Gelato was made exclusively for Miami and is a chocolate base with hazelnut flavor. This Miami NNN Commercial Property will differ from their Italian gelatarias, as this retail property will offer empanadas, quiche, various coffee drinks including cappuccino, the popular latte and gourmet teas.
The Gealto Nostro NNN Commercial Properties Tenant is made up partners Oscar Piccolo, Hector Amici and Marco Marchi. These Partners also operate a successful chain of eight gelatarias throughout Italy. These Gelato establishments in Italy operate under the original name La Scintilla. One of the NNN Commercial Properties Tenant had suggested that approximately one third of the net leased property will be for customers, and the remaining section is the production area and a small space for storage.
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