National Retailer Inks 10,000 Square Foot, 10-Year Design District Deal
The internationally-acclaimed home furnishings company is scheduled to open a 10,000 square foot signature store at 3800 N. Miami Avenue in the first quarter of 2014.
Metro 1 Commercial’s Tony Cho and Tony Arellano represented the landlord in the transaction, which closed on June 3rd. The tenant was represented by RKF.
The Taylorsville, North Carolina-based retailer currently operates only 20 signature stores internationally, in addition to its retail partnerships with upscale department stores and furniture retailers in all 50 states in the United States, as well as Washington D.C., Puerto Rico, the Virgin Islands, American Samoa, Guam, and the Mariana Islands
Miami’s Design District is comprised of 12 city blocks, nestled within the boundaries of Biscayne Boulevard to the east, North Miami Avenue to the west, Northeast 40th Street to the north, and Northeast Sixth Street to the south.
The Design District has been an enclave of mostly home-grown art galleries and furniture and design showrooms. More recently, the neighborhood has attracted the attention of high-end luxury brand names and restaurants.
French designer Louis Vuitton is to set up a hub there, bringing with it 11 of its other brands including Christian Dior, Fendi, Bulgari, Pucci and Marc by Marc Jacobs. Other brands on the growing list of luxury retail for the district include Hermes, Zegna and Burberry, many of which have been lured from the Bal Harbour Shops.
Metro 1 Commercial has also recently listed for sale a building with the highest highway visibility in the Design District.
The building, a 4,211 square foot free-standing property located at 3801 N. Miami Avenue, directly in front of what will soon be the Mitchell Gold + Bob Williams signature store, is one of the last buildings in the District left that remains owner-occupied.
“This is a very unique opportunity at a time when the Design District is maturing and undergoing a transformation into one of the most important luxury retail destinations in all of Florida,” said Cho.
The property will allow for a variety of uses including retail, restaurant, or an array of mixed uses. This property allows up to+/- 129,000 SF of gross development and buildings up to 20 stories high.
Asking price for the property is $4,600,000.
Metro 1 Commercial was also tapped to lease the Design District retail building which sold in April for the record per-square-foot price of $2,117.
The 5,000 square foot building, built in 1954, is located at one of the main intersections of the Design District at 101 NE 40 Street, within immediate proximity to Miami-based developer Dacra Corp’s $312 million mixed-use development project.
The seller of that building, 10140 Design LLC, paid $2.1 million, or $423 per square foot, for the building in December 2007.