CATCH - Miami Beach, FL_Property for Sale
CATCH - Miami Beach, FL_Property for Sale
South Pointe Drive 200, Miami Beach, FL, 33139, US

CATCH - Miami Beach, FL

Asset description

Jones Lang LaSalle Americas, Inc (“JLL”) is pleased to exclusively offer the opportunity to acquire CATCH (the “Offering” or “Property”), Miami Beach’s quintessential restaurant for seafood, sushi, and steakhouse dining. The Offering has approximately 15 years of remaining lease term generating $1,500,000 in annual net operating income with minimal landlord responsibilities as well as 2.0% rental escalations annually. Moreover, future ownership may benefit from a percentage rent feature of 7% on gross sales over $25M, which proves likely given the echelon of surrounding restaurants, such as Papi Steak, Joe’s Stone Crab, and Prime 112, generating $31M on average annually.


Located at 200 South Pointe Drive in Miami Beach within the most luxurious and high growth ‘South of Fifth’ neighborhood, the Property is one of the few freestanding, fee-simple restaurant opportunities with a rooftop to ever be offered for sale within this prestigious micro-market in Miami Beach. This is nestled in the heart of the premier Ocean Drive retail corridor, where the red-hot dining options already include Joe’s Stone Crab, Prime 112, Carbone, and Stubborn Seed and high-rise apartments, such as Continuum Towers, can fetch more than $3,000 per square foot. The world-class operator accepted the property with no tenant improvement allowances and dedicated ~$20 million for renovations, demonstrating their desire to build presence in the Miami Beach market. The New York-based restaurant group used their own capital to opened its doors with an unparalleled concept, unveiling an opulent and more glamorous venue. Spanning 20,630 square feet, CATCH Miami Beach features an indoor dining experience and an open-air rooftop terrace, offering the ultimate blend of elegance and ambiance. The venue’s design, by Rockwell Group, pays homage to Miami Beach’s illustrious history with a touch of 1920s glamour – a nod to the city’s golden era, frequented by the elite and the iconic. The refined Mediterranean Art Deco influences are woven throughout, with the use of antique mirrors, marble, wood contrasts, and dramatic lighting, creating a conservatory-like atmosphere. Founded in 2011, Catch Hospitality Group has thoughtfully expanded from a standalone New York City flagship into one of the most dynamic hospitality experiences found across seven major markets.


CATCH Miami Beach represents a truly generational opportunity to acquire a market dominant, trophy restaurant asset of scale in Miami’s magnificent ‘South of Fifth’ neighborhood with durable in-place cash flow and a high rent-to-sales ratio.

Attributes

NOI
$1,500,000
Building area net
20,630 sf
WAULT
15 years
Year renovated
2024
Year built
2014
Lease type
Absolute Triple Net
Occupancy
100%

Media

Investment highlights

  • One of few freestanding restaurant opportunities to ever be offered for sale within the prestigious Miami Beach “South of Fifth” micro-market
  • Guaranteed by Landry’s (600+ unit operator out of Houston, TX)
  • The world-class operator, Catch Hospitality Group, accepted the property with no tenant improvement allowances and dedicated ~$20 million for renovations
  • Exceptional ownership track record of marrying personalized hospitality experiences with irreplaceable real estate, which include Gekko at SLS Lux, Amara at Paraiso, Rosa Negra Brickell, and Fabel at Wynwood Jungle
  • Surrounding restaurants, such as Joe’s Stone Crab, Papi Steak, Prime 112, and Carbone are amongst the highest grossing in the nation
  • CATCH sits at the base of Miami’s most coveted high-rise residential units housing A-list celebrities, Continuum Towers, which fetch over $3,000 per square foot
  • Extremely anticipated expansion of the CATCH brand – Current locations are spread across seven other major MSA’s
CATCH - Miami Beach, FL 4_Property for Sale
CATCH - Miami Beach, FL 4_Property for Sale

Contact brokers

Alex Sharrin_Commercial Real Estate Broker
Alex SharrinSenior Managing Director, Corporate Capital Markets & Single Tenant Net Lease Leader
Jeffrey Cicurel_Commercial Real Estate Broker
Jeffrey CicurelSenior Director, Capital Markets
CATCH - Miami Beach, FL (0 Properties)

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Last updated
Nov 4, 2024