The owner of the retail space at Centro says that the space has been leased at a rate the is “among the highest in downtown Miami.”
Pair Of Tenants Sign On To Occupy Centro’s New Ground Floor Retail Space
The Lease Deals Are Believed To Be Among The Highest Retail Rents For Downtown Miami
MIAMI, FL –
Shai Ben Ami, Miami partner of Gil Blutrich, CEO of Mishorim Development Group LTD., has negotiated two lease deals for the new ground floor retail space at Centro, the Downtown Miami condominium tower dedicated exclusively to loft-style living developed by Newgard Development Group, in Miami, Florida.
Palm Beach County-based Jon Smith Subs, a regional chain with 9 locations from Boca Raton to Jupiter, Florida, signed on to occupy 1,200 SF. The deal marks the first Miami-Dade County location for the chain. Jon Smith Subs first opened in 1988 in Palm Beach County, FL with the single-minded commitment to serve the absolute highest quality overstuffed, marinated grilled sirloin steak and real chicken breast subs.
Bellamia, an Italian-based café/galleria concept with 44 stores worldwide, will occupy 1,000 square feet. Bellamia serves light fare along with its signature imported gelato, beer and wine. The lease represents an expansion for the café – Bellamia has stores under development in Wynwood, Westfield Mall and on Ocean Drive in Miami Beach.
The lease deals are believed to be among the highest retail rents for Downtown Miami, at $75.00 per square foot.
Blutrich and Ben Ami purchased the 4,350-square-foot retail space at the 37-story tower in August, 2016, marking the new partnership’s first Miami acquisition. The space is conveniently located at the center of three larger retail projects coming online, including Brickell City Centre to the north, and World Center and MiamiCentral to the west. The retail space, located at 151 Southeast 1st Street, offers high-visibility street frontage in the heart of downtown Miami and boasts connected urban living – retail, restaurants, sports, dining, entertainment, and numerous transportation options all within walking distance.
“With rising demand for Centro, we are diverting tenants to other downtown retail sites,” commented Ben Ami. “There is tremendous interest in our remaining 2,150-square-foot prime corner space – we expect to be fully leased very shortly.”
Mishorim Development Group LTD is a publicly-traded company based in Israel with substantial holdings in Israel as well as the United States and Canada. Blutrich is the founder of Mishorim and has been in control of the company since its formation.
Ben Ami has negotiated several deals in Miami’s urban core involving high-profile Israeli businessman and investor Moishe Mana and Canadian real estate investor Danny Lavy. Most recently, Ben Ami represented Mana in the purchase of a 6,194-square-foot building at 110 East Flagler Street. Mana spent $4.5 million for the building. Ben Ami was also involved in Mana’s purchase of 107,000 square feet of retail space at 777 International Mall located at 141 East Flagler Street in Downtown Miami in a deal totaling more than $21 million. Ben Ami represented Mana’s company, 141 East Flagler LLC, in that purchase.