The project will provide 320K SF of Class-A office space and 80K SF of functional outdoor space. It will stretch over a 2-acre block between Northeast 42nd and 43rd streets and between Northeast Second and Fourth avenues.
The project will accept cryptocurrency as an option for lease payments.
The mall was 80 percent leased at the time of sale to more than 100 tenants.
The development broke ground in January this year with an expected completion date in the first half of 2024.
As Miami Beach continues to experience business migration and the return of international visitors, the Lincoln Road District reports drawing over 7.8 million visits over the past year, demonstrating a strong post-pandemic recovery in foot traffic.
The new sale marks the third time the brokers sold the same corner over a 10-year period.
Formerly an industrial building, the stand-alone property has been fully converted for office and restaurant use and features a rooftop terrace.
Eichholtz’s lease marks its first branded flagship location in Miami.
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
The company is aggressively seeking prospective Pink Bird sites on Florida’s east coast, from Broward to Brevard counties, with minimum dimensions of 150 x 200 feet, in high traffic locations with left-in access and strong retail co-tenancy.
CRE-sources, Inc. is committed to ensuring that individuals with disabilities can access all of the goods, services, facilities, privileges, advantages, and accommodations that we offer through our website.If you are having trouble accessing the website, please call us at 954.290.3866 for assistance.
