In February, when Masin negotiated a 25,000-sf lease for the building's second floor to Equinox Fitness Club, he told GlobeSt.com the rental rate was $80 per sf. Recent research from Miami Beach-based Terranova Corp. confirms that retail rates in the submarket reach to as much as $100 per sf.
Masin represented the owner, White Plains-based Rabina Properties, in the negotiations with Coolidge-CSM Equities Ltd. This lease takes occupancy in the building to 70%, and Masin says the store, which will open in early 2006, "re-anchors the Collins Avenue fashion district in South Beach." More than 20 residential towers have come online south of Fifth since 2004, according to Masin, and more are under way, signifying "a complete re-gentrification" of the area.
This store will be the Spain-based fashion retailer's first non-mall location in the US and its fourth in Florida. There are Zara stores in the nearby Aventura and Dadeland malls and in Millenia Mall in Orlando. Currently Zara operates 626 stores in 46 countries.
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