MIAMI—New York investors are taking a piece of Lincoln Road. Imperium Capital, a New York City-based real estate investment and development firm, and Centurion Realty, a New York City-based real estate investor, grabbed 643-657 Lincoln Road for $33 million.

Lincoln Road is an eight-block long pedestrian walkway between Washington Avenue and Alton Road in Miami Beach, filled with shops, restaurants, and cafes. It is a major destination for South Beach visitors. Planned in the 1920s by the legendary Carl Fisher, one of the early developers of Miami Beach, Lincoln Road is one of America's most fashionable shopping streets.

“We expect this to be the first of many prime properties that we will acquire in the Miami market in future years,” says Samuel Schneider, managing partner of Imperium. “Lincoln Road is known internationally as a fashion retail mecca and we look forward to our ownership of this strategic commercial property,”