Newmark Arranges Sale Of Prominent Lincoln Road Retail Asset For $756 PSF
The property features approximately 115 feet of frontage along Lincoln Road and is currently occupied by a diverse tenant roster.
The property features approximately 115 feet of frontage along Lincoln Road and is currently occupied by a diverse tenant roster.
“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.
Lincoln Road also recently extended its partnership with Smorgasburg for another year. The open-air food market featuring dozens of local vendors takes place every Friday from 5:30-10:30 p.m. on Lincoln Road’s 1100 block and has become a local favorite hot spot.
The New York-based luxury developer filed plans to redevelop the iconic Lincoln Road clocktower building, as well as to build a new boutique office building on the 12,000-square-foot lot located at 1665 and 1667 Washington Ave.
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.
According to HFF, the sale is the second largest ever in Miami-Dade County and the highest value retail property sale in Florida. CLICK ON THE HEADLINE FOR MORE
The price tag of about $7,700 per square foot of land represents the second largest real-estate deal in Miami-Dade County history. CLICK ON THE HEADLINE FOR MORE
Terranova Corp. and an investment partner Arcadia Realty Trust are selling their six-building portfolio. CLICK ON THE HEADLINE FOR MORE
The new owners are New York-based investors. CLICK ON THE HEADLINE FOR MORE
The purchase resulted in a sale price per square foot of about $340 – a bargain by Lincoln Road standards. CLICK ON THE HEADLINE FOR MORE
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