MIAMI—In a record deal for Miami's South Beach retail market, Tristar Capital has grabbed 530 Lincoln Road for $30 million. The sales price equals $3,000 per square foot. TriStar acquired the retail property from a local seller.

Once owned by the family of Gloria Estefan of the Miami Sound Machine, this two-story trophy retail asset is located on the trendy 500 Block of Lincoln Road in the heart of South Beach. The building currently houses two short-term, ground-floor leases, making the property well-poised for redevelopment.

“This was an incredibly rare opportunity for an investor to acquire a retail property with immediate upside along one of the country's premiere shopping destinations,” says Adelaide Polsinelli, senior director with Eastern Consolidated and head of the firm's Retail Sales Group. Polsinelli, the sole broker on the deal, arranged this off-market transaction on behalf of both the buyer and the seller.