The first U.S. store of a Spanish retailer selling padel accessories and equipment has opened in Miami's Wynwood district.
Padel Nuestro has signed a 5-year lease at 310-318 NW 25th St. for a retail space of 3,000 square feet, reports a spokesperson for Ripco, a commercial broker with an office located in Miami.
Padel Nuestro was represented by Ryan Tucker and Jeremy Modest from Ripco Real estate in the lease negotiation. Metro 1 Commercial was represented by Bernardita Banfi, Andres Navas and Andres Banfi.
Padel Nuestro's flagship store will have a demonstration area where customers can test out padel equipment. The store will carry padel rackets from Padel Nuestro, as well as shoes and accessories by brands like Adidas, Asics, and Head.
Padel was invented in Mexico in 1969. It is similar to squash and tennis, and played on a 20 meter long court. It is very popular in Argentina and Spain. Also, it has gained some popularity in Sweden, Denmark and the United States.
According to SimplePadel.com, there are 25 padel court in South Florida. The Nuestro Store will be located less than one mile from the Wynwood Padel Club, 1932 NW Miami Court.
According to its website, Padel Nuestro, a company based in Murcia in Spain, was founded in 2009. It has 30 branches in Europe.
East End Capital, based in New York, converted 310-318 NW 25th St. from a warehouse into retail space. The building was built in 1951. East End Capital sold the property to 310 NW 25 SPE LLC in February 2021 for $11.8M to settle a foreclosure suit. The company is managed by Chaim Kahane from Forte Capital Management in Miami Beach.
South Florida is a popular tourist destination and a place where high-income earners have moved after the pandemic. Retail space in the area is very in demand. In Miami-Dade County the average retail rent was $43.89 a square foot. Retail rents in Wynwood averaged $78.02 square feet.
A Ripco spokesperson said that the asking rent for the retail building at 310 NW 25th St. is $85 per square feet. Barcelona Wine Bar is also located in the building, as are Grace Loves Lace Bridal and Rosemary's.