The revamped CocoWalk in Miami’s Coconut Grove neighborhood is now 100% leased out, one of the commercial property’s owners told the Business Journal.
“All 150,000 square feet of retail and 86,000 square feet of office spaces at 3015 Grand Ave. are spoken for,” said Michael Comras, president and CEO of The Comras Co. and a partial owner of CocoWalk. “It is super exciting. We have a whole list of new tenants.”
The latest tenants to sign leases at Cocowalk’s lifestyle center are GlossLab, Infinity, 3D Brow Studio, and Barba Skin Clinic.
GlossLab’s CocoWalk storefront will be the first Florida location for the New York-based salon, which serves customers who pay a monthly membership fee. Infinity is a high-intensity fitness training and wellness center. Aventura-based 3D Brow Studio specializes in framing eyebrows. And Barba Skin Clinic, founded by dermatologist Alicia Barba, offers “one-of-a-kind beauty treatments” using Skinceuticals skin products.
Several restaurants and entertainment venues have already opened or signed leases to operate within CocoWalk. Restaurants open since November include Duck N’ Sum, andBotanico Gin & Cookhouse. Sushi Garage opened in December. Mexican movie theater chain Cinépolis intends to reopen its renovated CocoWalk luxury movie house sometime this winter. Also set to open this winter is Groot Hospitality’s 10,459-square-foot The Key Club at CocoWalk. Additionally, a future 4,141-square-foot restaurant run by Coconut Grove restaurant company Ariete Hospitality, and the second South Florida location of Narbona Natural Foods & Farm Market are expected to open there later. The Uruguayan market will also have a bakery and a butcher shop in 8,253 square feet, where it will serve fresh pasta, and an inventory of craft beer, wine, coffee, and gourmet cheese produced in South America.
“CocoWalk’s office component has been fully leased since November,” Comras said.
The largest tenant is Spaces, an Amsterdam-headquartered coworking space, which is leasing around 22,000square feet. Azamara, a Miami-based cruise line, is leasing 9,286 square feet. C3, a food and beverage company, is leasing 9,205 square feet for use as a headquarters, test kitchen, and culinary school.
Several other tenants include financial and investment companies such as New York-headquartered The Jordan Co. (leasing 12,717 square feet), Brickell-headquartered financial services company Uno Management Services (8,273 square feet), investment banking firm Lagoon Advisors (3,510 square feet), Miami Beach-based hedge fund Baymount Management (1,928 square feet), and California-based OC Investments and Management (1,247 square feet).
Built in 1990, CocoWalk was acquired by a real estate investment trust and two local companies for $87.5 million in August 2015. Federal Realty Investment Trust in Rockville, Maryland owns an 80% interest in the venture. Comras and Coconut Grove-based Grass River Property each own a 10% interest. Renovations on the property started in 2018.
Several brokers have told the Business Journal that companies are flocking to South Florida from New York and California due to the Sunshine State’s lack of an income tax. That migration has pushed up office leasing rates. Retail space suitable for restaurants and bars is being hunted by entrepreneurs wishing to avoid Covid-19 related shutdowns, according to recent Colliers reports.
Comras declined to say what the average leasing rate is for office and retail within CocoWalk. According to Colliers, the average asking rate for Coconut Grove was $54.20 a square foot for office space and $45.32 a square foot for retail in the fourth quarter of 2021.