“Lincoln Road is experiencing one of the most exciting periods of growth and reinvestment in its recent history,” said Lyle Stern, president of the Lincoln Road Business Improvement District.
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The property is anchored by two charter schools, which comprised approximately 86% of the leased space at the time of sale.
The property was originally brought to market as a lease opportunity, with ownership having no initial plans to sell. However, within days of the property signage being installed, multiple prospective tenants expressed interest in purchasing the site rather than leasing it.
Scheduled to open in August, the 10,000-square-foot space will serve as Postr’s operational and creative hub as the company continues to expand.
The properties were sold by Frisbie Group-affiliated ownership, along with entities tied to ophthalmologist Dr. Stephen Sullivan and Marcia Sullivan.
The property, which was 92% occupied at the time of sale, had been under the same private ownership for the past 20 years.
The transaction was represented by Mike Beckert, Chris Haass, and Scott Witkowski of Cohen Commercial Realty (CCR) on behalf of the tenant. Sabrina Stimming and Ruben Suarez of Colliers represented the landlord.
Nelson Garcia of RARE CRE represented the seller in the acquisition. Michael Basinski and Mitch Sinberg of Berkadia Boca Raton arranged a $31.75 million acquisition loan through City National Bank.
A county-owned site in northwest Miami-Dade could be transformed into a large-scale development combining warehouse space, affordable housing, retail, restaurants and recreational amenities.