RFR Enters Miami With $43M Buy

MIAMI-RFR Holding LLC, in an equity partnership with Greenstreet/Niosi Capital Partners, has acquired a class A shopping center in the city’s South Beach submarket from LRI of South Florida for $43 million. The price is nearly $258.57 per sf. This is RFR Holding’s first US acquisition outside New York City.

The 166,300-sf, 100% occupied, three-level vertical entertainment/retail center is located at 1100 Lincoln Rd., at the intersection of Lincoln Road and Alton Road. The property, with 127,000 sf of rentable space, anchors the east end of Lincoln Road Mall. The center itself is anchored by a 79,500-sf, two-story, 18-screen Regal multiplex cinema above upscale casual fashion stores such as Anthropologie and Banana Republic. Other retailers at the center include Haagen-Daz, Kinko’s and a cyber café. The property also has a six-level, 96,000-sf parking garage for 290 cars.

“As RFR’s first acquisition in the highly competitive Miami market, we were attracted to 1100 Lincoln Rd. for its prime location and excellent pedestrian traffic, along with its solidly performing yet diverse roster of A-list tenants,” according to RFR principal Aby Rosen. “In Greenstreet/Niosi, we sought a financial partner knowledgeable about the Miami marketplace, with a like-minded business acumen that will enable our ownership to continually re-invest in this asset to derive its maximum performance.”