MIAMI—Another Lincoln Road retail property has changed hands. ASB Real Estate Investments just acquired 605 Lincoln Road for $22.5 million.

The 8,550-square-foot, high-street retail property includes three street-level retail suites in an office building in the heart of the Miami Beach's Art Deco District. ASB's Allegiance Real Estate Fund bought the retail asset from Omnispective Management Corporation of New York.

"The 605 Lincoln purchase builds on ASB's recent retail acquisitions in Manhattan, Washington, D.C., and Los Angeles as the company looks to diversify its Allegiance Fund portfolio with holdings in the nation's best urban infill retail markets,” says Robert Bellinger, president and CEO of ASB Real Estate Investments. 605 Lincoln is only a block from the New World Symphony complex and next to the newly renovated H&M flagship store.