Restaurant tenants at CityPlace Doral sued for unpaid rent
PGIM Real Estate is suing two tenants at CityPlace Doral, alleging hundreds of thousands of dollars of unpaid rent, court documents show.
Park Square 5 LLC is suing Sushi Siam and Flair Street for breach of lease and breach of guaranty. In two complaints filed earlier this month in Miami-Dade Circuit Court, the PGIM affiliate alleges that Sushi Siam Doral LLC and Flair Street’s YKC Doral LLC have not paid rent since CityPlace Doral opened nearly a year ago.
The suit sheds light on commercial rents at the recently built outdoor mall.
The Related Group, Shoma and PGIM opened the mixed-use development at 8300 Northwest 36th Street in mid March of last year. CityPlace Doral’s retail component has 40 tenants, including Brimstone Woodfire Grill, BurgerFi, a 550-seat CinéBistro, Cooper’s Hawk Winery & Restaurant and Sloan’s Ice Cream. The $800 million, 55-ace development also features more than 1,000 residential units.
According to the lawsuits, restaurant Sushi Siam and Flair Street, a bar controlled Sushi Siam’s Yongyuth Nethongkome, have not paid any rent since the grand opening on March 17. The PGIM affiliate alleges that Sushi Siam owes nearly $311,000 in rent as of Jan. 31 and an additional $1,022 in per diem rent. Flair Street, which also has a location at CityPlace in West Palm Beach, allegedly owes about $278,000, plus an additional $915.
For the first three years, Sushi Siam was set to pay about $262,000 per year. For years four through seven, the agreement calls for $288,000. And for the last two years of the 10-year agreement, the restaurant would owe $317,000, according to the suit.
Flair Street signed a deal for $252,750 per year for the first five years and $278,000 for years six through 10, according to the complaint.
It doesn’t appear either tenant has opened at the mall. A map on CityPlace Doral’s website shows Battosai Sushi Siam is slated to open soon and Flair Street is not included on a list of restaurants.
An owner or representative for Sushi Siam could not immediately be reached for comment. PGIM declined to comment, and a spokesperson for CityPlace was looking into the suits.
In August, Related, Shoma and PGIM sold the Manor at CityPlace, an apartment complex, for $135 million.
Haru Coryne contributed reporting.
Source: The Real Deal