Cheesecake Factory to Open on Lincoln Road in South Beach

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COMMERCIAL OBSERVER – February 23, 2022 BY MARK HALLUM

The Cheesecake Factory is coming to one of South Beach’s most popular retail corridors.

The national chain signed a 20-year lease for 7,000 square feet at 600 Lincoln Road with plans to open in the fall, Terranova Corporation Chairman Stephen Bittel announced.

The company’s leadership promised to hire 200 people from the local community as staff.

The restaurant will add to the financial ecosystem of Lincoln Road, which is home to retail shops like H&M, Zara and Sephora as the local economy see growth, Bittel said in a statement.

“Terranova will continue to support these trends by bringing a dynamic array of tenants and innovative projects that maximize value for stakeholders, create jobs and economic opportunities, and build a better community for all,” Bittel said in a statement. Terranova declined to provide asking rents. Cheesecake Factory was represented by Blatteis & Schnur, while Mindy McIlroy represented the landlord, a Terranova affiliate who acquired the property in 2014. The property at 600 Lincoln Road, within a section of the Lincoln Road Mall, is just one asset in the South Florida commercial real estate firm’s portfolio. Recently, Terranova closed a $40 million refinancing deal of Palm Plaza near Miami Lakes, a 90,621-square-foot retail center

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Cheesecake Factory inks lease on Miami Beach’s Lincoln Road

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THE REAL DEAL- February 22, 2022 BY KATHERINE KALLERGIS The Cheesecake Factory inked a lease on Miami Beach’s Lincoln Road in the former Sushi Samba space, The Real Deal has learned. The publicly traded Cheesecake Factory, based in Calabasas, California, plans to open this fall at 600 Lincoln Road, according to Terranova Corporation Chairman Stephen Bittel. The restaurant group signed a 20-year lease, with renewal options, for the 7,000-square-foot corner space. It’s expecting to secure a building permit soon for an extensive interior buildout and could open in the fall, he said. Second-generation restaurant spaces, meaning they have built out kitchens and grease traps, have been in high demand over the past year throughout the region. “After really a treacherous 2020 in the restaurant business, restaurants have experienced a remarkable recovery in markets like South Florida that have been wide open the whole time,” Bittel said. Sushi Samba closed in December 2019, just before the pandemic began. Terranova owns the property with Morgan Stanley’s Prime Property Fund. A Terranova affiliate paid $108.6 million for the property with two addresses at 600 Lincoln Road and 1630 Pennsylvania Avenue in 2014. The building was completed in 1931.

Bittel said the negotiations with Cheesecake Factory “took a significant amount of time.” He declined to disclose asking rent and final rent. Blatteis & Schnur represented the restaurant. “We all had needs to be met in the document, so this was not a quick deal,” Bittel said. Cheesecake Factory expects to lease outdoor space from the city of Miami Beach for outdoor dining in front of the restaurant, Bittel said. The restaurant, known for its expansive menu, could hire about 200 employees. Bittel said that retail leasing, led by restaurants, is up on Lincoln Road. “We’re returning it to the glory that it experienced before the convention center closed [while it was being renovated],” he said. The high street retail corridor has experienced significant vacancies in recent years due in part to high asking rents that only national tenants could afford, brokers and tenants say.

In 2020, the independent local book store chain Books & Books closed its Lincoln Road store after more than 30 years of a presence on the street. But since the short-lived lockdowns were lifted, there’s also been a surge in investment sales of properties surrounding Lincoln Road. Two office buildings north of Lincoln Road on Meridian Avenue recently sold for $27 million and nearly $50 million, respectively. In August, Witkoff bought the retail building at 1681 Lenox Avenue for $15.4 million. It’s leased to the restaurant Yard House, which is owned by Darden Restaurants.

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Prosperous chapter for Miracle Mile? Wave of stores, dining spots coming to Coral Gables’ strip

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MIAMI HERALD – December 12, 2021 BY REBECCA SAN JUAN More shopping and dining are coming soon to Coral Gables’ historic Miracle Mile retail strip, signaling progress after years of struggle.

Nineteen new tenants are expected to open during 2022, according to the City of Coral Gables and commercial real estate developers and property managers Terranova and Kerdyk Real Estate, which own several storefronts.

The newcomers follow a trail of 15 other businesses that have crowded onto the commercial stretch since 2019. As a result of the bustling, the city reported vacancies in December dropped from about 13% to 9% year-over-year among the 114 storefronts along the four-block stretch from LeJeune Road and Douglas Road.

The activity follows a whirlwind of challenges, including two years of construction for a new streetscape, a slowdown in customers during the start of the pandemic and a robbery in late 2019.

“The streetscape project took longer than expected, chasing many customers away, and the pandemic had businesses at a standstill,” said Manny Chamizo III, global commercial director for One Sotheby’s International Realty. He owns three storefronts and manages several leases along the Mile.

“I walked the Mile in April 2020 and counted 23 vacancies and thought, ‘Oh, this is not good.’ Now I see that the Mile is almost filled up,” Chamizo said.

Lights will go on in even more vacant spaces, including for the former Ortanique on the Mile. Three eateries are exploring the restaurant space adjacent to the Actors’ Playhouse at the Miracle Theatre, Coral Gables Business Improvement District Executive Director Aura Reinhardt.

Foot traffic increased in mid-2021 as more people were vaccinated against the coronavirus and many people returned to work in nearby offices in the Miami suburb. A strong indicator its slump is over, there have been 3.4 million visitors along Miracle Mile so far this year, compared with 638,000 visitors in 2020.

Erica des Roches, owner of Veranda Plants and Gifts, opened three weeks ago.

“I live in Miami Beach. I’ve always loved Coral Gables, because it is so beautiful. I came across this little space and it is perfect,” des Roches said. “It is a good demographic. It is a wealthy demographic. They have a disposable income that they can spend on plants. There is a need here for this type of store and affordable gifts.”

Miracle Mile still has room for improvement, landlords told the Miami Herald. A slow permitting process continues to plague the city, said Stephen Bittel, Terranova’s founder and chairman. It may take six months, instead of the usual three, he said, for a business to get permits approved in order to open.

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