Lincoln Road Retail Property In Miami Beach Sold For $5.8 Million

Lincoln Realty Management acquired a retail property on Miami Beach’s famed Lincoln Road for $5.8 million at auction.

Positioned at 226 Lincoln Road next to a Ross Dress For Less store, the three-story building sits by the eastern tip of the avenue near the beach. as the 7,762 Sq Ft. property remains vacant.

While the sale auction garnered 33 unique bids and 15 fully registered bidders, according to Sklaver, Bookstein had first put the property up for auction in 2018, setting the minimum bid at $6.5 million as the property did not sell during the 2018 auction.

Retail-heavy Lincoln Road has taken a hit during the pandemic. In the last three to five years, rates were as high as $350 per square foot. These days, they’re closer to $150 per Sq Ft. 

L.A.-based, private real estate investment firm Lincoln Realty — which bought the property in an all-cash deal with no financing — plans to spend about $2 million to renovate and eventually lease the building, said Pegasus Investments’ David Chasin, who represented the buyer. The first floor will most likely be turned into a restaurant and the second floor into a creative office, the CBRE broker Adam Sklaver added.

Leave a Comment

Your email address will not be published. Required fields are marked *