MIAMI—A flagship retail block on Lincoln Road has traded hands. The sale price: a whopping $370 million.
HFF closed the sale of a 1.1-acre contiguous city block along Lincoln Road in Miami Beach. According to the company, the sale is the second-largest ever Miami-Dade County and the highest value retail property sale in Florida.
HFF marketed the property on behalf of the seller, a partnership between Jonathan Fryd and Michael Comras. The buyer was a private family office. HFF did not immediately respond to requests for comment.
The Lincoln Road Flagship Block consists of global flagship retail stores for Gap, Apple, Capital One and Nike. The total improved area totals 74,537 square feet with the potential to develop an additional 57,328 square feet over time.
Lincoln Road has emerged as one of the premier shopping districts in the country, often compared with New York's Fifth Avenue, Rodeo Drive in Beverly Hills and Chicago's Magnificent Mile. Lincoln Road is the top tourist attraction in Miami and receives more than six million visitors annually.
When it comes to Miami retail, Erich Melsheimer, senior director of Real Estate at The Gap iswas bold enough to say what industry watchers are thinking: Los Angeles and Miami are competing for the number two retail trade market after New York.
“The demand is so high for retail in Miami right now with all the international travelers, all the international business, all the incredible places to stay, and the art and entertainment,” he said. “It's the hottest spot in the country today for luxury. It's the place to be.”
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