Metro 1, Miami’s pioneering urban-minded full-service real estate organization, and Addison House, leading purveyor of contemporary furniture in the luxury market have worked together to facilitate the opening of the brand’s third location in South Florida in the Design District. Located on the corner of 36th Street and North Miami Avenue, Addison House’s finished space is set to open in early 2016 and will become the neighborhood’s prime local retailer. DA Luxury Realty, boutique brokerage firm, represented Addison House in the transaction.
Metro 1 offered a vertically integrated approach, brokering the transaction through Metro 1 Commercial and sourcing the debt through Metro 1 Capital. In addition, Metro 1 has brought several noteworthy brands to the Design District including Mitchell Gold & Bob Williams, Natuzzi Furniture, Poltrona Frau Group Stores, Clima Outdoor, Bisazza Moisaco, Christian Liaigre, I on the District, as well as fashion stores such as Theory and Helmut Lang.
“We are thrilled to welcome Addison House into our Metro 1 Development portfolio further reinforcing our commitment to supporting local brands and bringing in formidable businesses that will positively impact the Design District,” says Tony Cho, Founder and CEO of Metro 1. “We not only feel we are contributing to further shaping the neighborhood with a strong retailer, but we are also happy to have been able to enable the process through multiple facets within our company.”
Designed by Kobi Karp Architecture & Interior Design, the new Addison House showroom will boast 11,501 square feet. The new location will cater to customers in Miami’s urban core, Miami Beach, Coral Gables and Coconut Grove. In addition to the new Miami Design District location, Addison House has two other showrooms in South Florida, located in Aventura and Doral, a showroom in Panama, and a children’s furniture store in Aventura. Additionally, Addison House plans on incorporating a café in the new location, offering expertly roasted Italian coffee. With nearly three decades in the South Florida market, Addison House has earned a loyal local and international clientele, setting the standard for quality and style. Specializing in inspired modern pieces and timeless furnishings, Addison House represents more than 100 of the finest manufacturers in the world and the industry’s most esteemed brands.
“We are excited to continue our growth in South Florida and believe the Miami Design District is the perfect setting for our new location and to reach new markets,” said Max Alcalay, President and CEO of Addison House. “The Miami Design District has become a vibrant shopping destination where residents and visitors alike expect to find the latest and very best the design world has to offer. We are looking forward to becoming a part of this ever-changing neighborhood and are committed to continuing to bring our customers new and exclusive products for their homes.” Co-brokers Diego Arnaud and Monte Greenberg of DA Luxury Realty represented Addison House’s interests in the transaction. DA Luxury Realty is a boutique brokerage firm representing high net worth foreign and local clients, family offices and institutional investors, with a focus on real estate market opportunities in South Florida with large upsides. The company worked closely with the principals at Addison House to find the perfect location that would be large enough to accommodate the furniture retailer’s requirements in Miami’s urban core.
“The Design District lease is part of Addison House’s strategic expansion, allowing the company to showcase its unique offerings and engage the community in a new way,” said Diego Arnaud, founder and CEO of DA Luxury Realty, which recommended the Design District site and brokered the deal for Addison House. “Addison House and DA Luxury Realty vetted many sites, analyzed various operational models and tested them against our strategic vision, making sure Addison was in the best position financially and that the brand took the greatest advantage of the market. We knew that once we combined the high quality furnishings with a location with such a high volume of traffic, Addison House would have an edge over its competitors.”