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Home My WebLink AboutNAI Miami - 1 24 18 - BallPark ReportJanuary 24, 2018 Shops of Marlins Park Activity Report Prepared by: Jeremy Larkin 9655 S Dixie Highway Suite 300 Miami Florida 33156 NAMiami Prepared for: City of Miami 9655 South Dixie Hwy Suite 300 Miami, Florida +1 305 938 4000 naimiami.com Lic. Real Estate Broker NAIMiami Shops of Marlins Park Activity Report January 24, 2018 Current Occupancy: Under Lease Negotiation: 75.40% 8.84% Expected Occupancy: 84.24% David Forbes: The prospect is an experienced restaurant and entertainment venue operator. His financial partner owns five Zaxby's restaurants in Palm Beach County. They have strong interest in the 3,196 square foot restaurant space (previously leased to Rubio's Cafe) for a cigar and tapas bar. They have toured the premises twice, and are currently reviewing the Rubio's Cafe building plans to determine if any changes would need to be made to suit their concept. They will be meeting with us sometime next week to go over any questions they have and begin negotiations. Wellmax: Wellmax is currently leasing 14,000 square feet in the P2 garage. There is a signed letter of intent to expand by 5,000± square feet for a wellness center in the P3 garage reflecting an agreement on basic business terms. The revisions include utilizing a travel path to transport clients between the two facilities through the Marlins' controlled plaza area. The Marlins have conceptually agreed to allow Wellmax to use this path, subject to limitations during game time and major events hours. A sublease addendum is being drafted, along with a draft letter agreement between the city and the Marlins reflecting the terms and conditions of tenant's use of the travel path. Casablanca Seafood: The sublease has been fully executed by the Miami Parking Authority and the tenant. The space is for approximately 8,000± square feet in the P1 garage. The tenant also has locations at 404 N. River Drive and 1717 N. Bayshore Drive in the Miami area. The prospect's website: http://www.casablancaseafood.com/ Metro PCS: There is renewed interest in relocating their ballpark store to an expanded corporate flagship store of approximately 2,000 square feet in the P1 garage. They are in possession of our initial proposal and are preparing budgets for 2018. We should have a response by month's end. Nightlife Brewing: They are interested in leasing the 3,196-square foot partially built out restaurant space for a moderately priced tapas-style restaurant to complement the microbrewery. Their current focus is the brewery's start-up operation. Eblast — Over 4,500 retail, restaurant and office contacts are sent emails through NAI's Constant Contact database once a month. The project is listed on the following portals: 9655 South Dixie Highway, Suite 3001 Miami, Florida 33156 1 305 938 4000 1 naimiami.com • LoopNet • CoStar • NAI Miami Website • NAI Florida Website • NAI Global Website • www.ShopsOfMarlinsPark.com • Multiple Listing Services • SpaceForLease • theBrokerList.com • Property Line • CIMLS • Miami Dade Sites (Beacon Council) Construction Update Casablanca Seafood: They are in process of creating architectural and engineering plans for permitting. ' ' Fin.//./crasf/7a Rent Roll Location Tenant SF Rent/SF Annual Rent Term Tenant Improvement Allowance (TIA) TIA Per Square Foot Status P1 AVAILABLE 3,196 $25.00 $79,900.00 10 years with two 5 year options $0.00 $0.00 P1 MEW Mill Subway Real Estate LLC 1,370 $23.50 $32,195.00 10 years with two 5 year options $54,800.00 $40.00 Open for business P1 Vacant 3,025 $25.00 $75,625.00 $0.00 $0.00 PI Casablanca Restaurant & Seafood Market 8,000 $20.00 $160,000.00 20 years with two 10 year options $0.00 $0.00 Size is estimated as they are closing in the delivery area notch in the rear of the space. For Years 1 through 3, Tenant only pays percentage rent After Year 3, Tenant pays 10% of all sales above $600,000 and then 20% above the same breakpoint from Year 6 through lease termination. Tenant only reimburses Landlord for real estate taxes. PI Nightlife Brewing Company 9,916 $23.50 $233,026.00 10 years $0.00 $0.00 3.00% Annual Rent Increases Beginning in Year 6, NNN. Rent credit to be applied in the amount of $1,113,061.80 in lease years 1 through 7 in lieu of a Tenant Improvement Allowance. Open for business. r P2 Fresenius (aka Dade Dialysis Center) 9,338 $19.49 $181,997.62 10 years with two 5 year options $840,420.00 $90.00 Open for business. P2 Wellmax 14,016 $21.25 $297,840.00 10 years with two 5 year options $700,800.00 $50.00 Open for business. P3 AVAILABLE 625 $20.00 $12,500.00 $0.00 $0.00 P3 AVAILABLE 2,066 $24.00 $49,584.00 $0.00 $0.00 P3 5,000 $21.25 $21.73 $106,250.00 $1,228,917.62 10 years with two 5 year options $250,000.00 $1,846,020.00 $50.00 75,40% Signed letter of intent in place. Sublease addendum being drafted. F Current Occupancy Totals 56,552 For Lease Retail Space Shops of Marlins Park The affordable alternative to serve Brickell, Downtown Miami & Wynwood Join Nightlife Brewing Co., Casablanca, Subway, Wellmax & Fresenius NAIMiami M I ALL. STAR GAME MARL1 nn �,�►" COMMERCIAL REAL ESTATE SERVICES, WORLDWIDE The Shops of Marlins Park is the affordable alternative serving the Wynwood, Downtown and Brickell markets. Located only minutes west, The Shops of Marlins Park offers comparable space at pennies on the dollar. This unique urban retail enclave provides the intuitive merchant the best of: • Modern, hurricane resistant construction • The best parking in the area • Excellent street -front exposure • Minutes to the Jackson Health District, Wynwood, Downtown Miami, Brickell Coral Gables, Coconut Grove and PortMiami Join Nightlife Brewing Co., Casablanca Restaurant and Seafood Market, Subway, Wellmax Medical Center & Fresenius and be able to reach the 331,519 residential population to the east, the 81,449 employees in these markets, the 35,876 employees in the Jackson Health District and be exposed to the 4.9 million passengers cruising out of PortMiami passing by the ballpark. Features • 53,281 SF of ground level retail space • LEED certified • Space is available on the ground level of Parking Garages 1 and 3 • Ideally suited for restaurants, entertainment venues, retail and office use • Outside seating available • Pedestrian friendly atmosphere • Access is 24 hours per day, 7 days per week, 365 days • Excellent visibility on NW 7th Street • Trolley service to and from the Civic Center/Health District • 2 miles from Downtown Miami • Easy access from SR 836 and Interstate 95 • Cruise Passengers: 4,915,576 per year Demographics Total Population Average Daily Traffic Volume Employment 1 MILE 60,948 DOLPHIN EXPY. (SR 836) 112,500 3 MILES 331,519 Wynwood 31,289 Brickell 39,550 Miami/CBD 16,542 195 NORTH OF SR 836 234,500 195 SOUTH OF SR 836 162,500 Miami CBD 49,305 Brickell 32,144 Jackson Health District 35,876 M IAM I•DADE COUNTY MIAMI NW 7th STREET I NW 3rd TREET I r i � 1 IIItil ['io. >.,�1 l fl�Iluilii IIb. MARLINS PARK Location Features 501 Marlins Way, Miami, Florida 33125 International Airport oT&vea rth.,.._�,,n;,,�I, Downtown Miami Westbound SR 836 111)4 JJ=Sth�St:. `7arr iami«T nail 2.3 miles 0.75 miles Eastbound SR 836 0.4 miles 195 Expressway 1.25 miles Downtown Coral Gables 4.3 miles Miami Int'I Airport 4.5 miles South Beach 7.0 miles 5+14.2.2n d.st.+G0' J t-1 Agr*Juliailiuttle.eauseway Wynwood' Brickell xW 11111& f a... Pauli rxv _ �..NW:TfI.R: —.111-71ixOWl77x ,`Cr I5^+'7--t—N3.W.'�M N STY i< Pork?! booker x.We i N i V.CNIT Pt. .----ROUTES xW'lta St NAIMiami 9655 South Dixie Hwy Suite 300 Miami, Florida +1 305 938 4000 naimiami.com Lic. Real Estate Broker Claire Holash +1 786 260 0416 cholash@naimiami.com Jeremy S. Larkin +1 786 260 0402 jlarkin@naimiami.com NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE ACCURACY OF THE INFORMATION CONTAINED HEREIN, AND THE SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, PRIOR SALE, LEASE OR FINANCING, OR WITHDRAWAL WITHOUT NOTICE, AND OF ANY SPECIAL LISTING CONDITIONS IMPOSED BY OUR PRINCIPALS NO WARRANTIES OR REPRESENTATIONS ARE MADE AS TO THE CONDITION OF THE PROPERTY OR ANY HAZARDS CONTAINED THEREIN ARE ANY TO BE IMPLIED. r----1 I I Restaurant I Outdoor I Seating I I I Beer Garden/ Outdoor Seating - -. AIM 14 1$ Inir TFH STREET 3,025 AVAILABLE r_= _ _ J 3,196 SF AVAILABLE LIK61020111 NIGHTLIFE BREWING COMPANY 1-1 14 F11 141 CASABLANCA RESTAURANT & SEAFOOD MARKET 4 / ///FNMI ISIERGEMY €: n IHR14KR 0 1-0 1t 1* P2 ems III [:.2:. 2!1 1.411, MOW oiling lIm®■■n.I 1111110110011111141 `l■ •■ #i,W , \ 9 ' 9 9\ 9 9/, 9/ 9 «9 9 T [ ANON' /A Viefffiff. 07/2 Yiw ? .(M27/17427#15th NZ/�WIWAI� \ \ ..57371 } • • i` Outdoorau ' Seating Area 0 Ilorcolui I1 ZEMIN I:1i Wellmax Expansion (lease being negotiated) tus• ;_c4r is o 1r 477) 0 NI fit fit lam i'�, i i :7�Y• CUM IL! : is F Firtwar 2,000 SF AVAILABLE aI 625 SF AVAILABLE E o--6 t w O ,as PI P MICA Redo MINIM 6 b 4.*5140,1, 4m€ ftielobet • } PLOPPErza df a HINT Shops of Marlins Park X \\ 4 C Q shopsofrnarlinspark.com Shops of Marlins Park MNAMFE COUNTY Flume About Contact 'Please Select a Red Dot Above to View Space Ara7abity Shops of Marlins Park features 53,281 square feet of ground level retail space complimenting the new State of the Art Miami Marlins baseball stadium. Constructed on the former Orange Bowl site. the site is minutes away from Downtown Miami, The Brickell Financial District and the up and coming Medical District/Civic Center more ,/V'IARLINg PARK Downloads lr iFvrlircfrnitr flffariarl hlr f^nntnrt flrrr Toam II I!I