Offering Summary Rare Wynwood Adaptive Re-Use Offering with Significant Upside ARCADE Wynwood, Miami, Florida
Offering Summary Cushman & Wakefield s Retail Investment Advisors is pleased to offer for sale The Wynwood Arcade, a recently completed, 75% leased, 22,990 sf multi-tenant retail building located in the heart of Miami s Wynwood neighborhood. Wynwood has emerged as one of the nation s coolest neighborhoods and is recognized globally as a premier destination for art, fashion, innovation, and creative enterprise. This offering represents the unique opportunity to acquire a successful adaptive re-use retail building located in one of the nation s trendiest neighborhoods that offers tremendous upside through the leaseup of vacant space (25% of GLA). With the recent opening of its signature tenant, Three, the Property will be fully activated which will facilitate the absorption of the remaining vacancy. Wynwood has emerged as one of the nation s coolest neighborhoods defined by its vibrant artwork and trendy restaurants and bars which have made it one of Miami s most popular destinations for locals and tourists seeking entertainment, dining and fashion forward retail. Property Summary 50 NW 24 TH STREET Wynwood MIAMI, FL 33127 YEAR BUILT 2016 BUILDING GLA 22,990 sf LAND SF (SITE AREA) 33,328 sf (±0.763 ACRES) OCCUPANCY 75% CUSHMAN & WAKEFIELD 2
Offering Highlights With its unique ambiance and lifestyle uses, Wynwood Arcade is a prime example of experiential retail that is well positioned to succeed in the changing retail landscape Located in the heart of Wynwood, one of the most popular emerging neighborhoods with a global reputation Central and accessible location just minutes from Downtown Miami, the Design District, Edgewater and Miami Beach Strategically located between Wynwood s two primary corridors -- N. Miami Avenue and NW 2nd Avenue E/W Frontage along two important east/west side streets - NW 23rd and 24th Streets Walking distance to Wynwood s iconic attractions including the famed Wynwood Walls Adjacent to Miami Arts Charter School (1,800 students) and its 270-car garage that is available for public use Successful and transformative adaptive reuse project with award-winning architectural design Community roof deck ideal for social gatherings, events and parties High-profile tenancy includes Three, a Norman Van Aken restaurant, and the Salty Donut, a cultural phenomenon with lines out the door from opening to closing Significant upside through the lease-up of 5,763 sf of vacant space (25% of GLA / 4 units) and long term rental rate appreciation as Wynwood continues to develop and evolve into one of Miami s most popular neighborhoods attracting a new generation of creatives and entrepreneurs that want to live, work, eat, play and learn Wynwood Arcade NOI Growth IN-PLACE NOI $882,979 STABILIZED NOI - Yr. 3 $1,332,818 Combination of short lease durations without options and rising market rental rates provide opportunity to push rents upon lease rollovers CUSHMAN & WAKEFIELD 3
Wynwood Map ARCADE CUSHMAN & WAKEFIELD 4
Property Website FOR MORE INFORMATION, PLEASE CONTACT: Cushman & Wakefield Retail Investment Advisors MARK GILBERT Executive Managing Director mark.gilbert@cushwake.com 305 533 2866 ADAM FEINSTEIN Executive Director adam.feinstein@cushwake.com 305 533 2863 MITCHELL HALPERN Director mitchell.halpern@cushwake.com 305 533 2855 FRANK BEGROWICZ Director frank.begrowicz@cushwake.com 305 533 2874 GREG MASIN Senior Director greg.masin@cushwake.com 305 533 2857 2017 Cushman & Wakefield. The material in this presentation has been prepared solely for information purposes, and is strictly confidential. Any disclosure, use, copying or circulation of this presentation (or the information contained within it) is strictly prohibited, unless you have obtained Cushman & Wakefield s prior written consent. The views expressed in this presentation are the views of the author and do not necessarily reflect the views of Cushman & Wakefield. Neither this presentation nor any part of it shall form the basis of, or be relied upon in connection with any offer, or act as an inducement to enter into any contract or commitment whatsoever. NO REPRESENTATION OR WARRANTY IS GIVEN, EXPRESS OR IMPLIED, AS TO THE ACCURACY OF THE INFORMATION CONTAINED WITHIN THIS PRESENTATION, AND CUSHMAN & WAKEFIELD IS UNDER NO OBLIGATION TO SUBSEQUENTLY CORRECT IT IN THE EVENT OF ERRORS.