MIAMI—Bulk condo sales are still hitting the market—and this one is especially significant. Avison Young is marketing Lincoln West Gardens, a five-story 40-unit residential tower at 1250 Lincoln Road in Miami Beach.
Avison principal and director Michael T. Fay and managing director and principal John K. Crotty are representing the seller, LWG Condominium Association.
"There is limited available opportunities to invest in properties on high-street corridors as iconic as Lincoln Road, especially since market rents continue to be at the apex for both retail and residential asset classes," Crotty tells GlobeSt.com. "Offers are currently being accepted, and we expect savvy investors will want to take advantage of the tremendous upside to be gained from mixed-use redevelopment within this location."
Lincoln West Gardens sits next to the corner of "main and main" near 1111 Lincoln Road. This s where the Herzon & de Meuron designed parking, retail, housing, and commercial anchor to the west end of Lincoln Road.
"Lincoln Road represents the epicenter of Miami's South Beach, a destination known throughout the world by consumers and equally as desirable to investors," says Fay "This year has brought record sales prices for retail within the famed outdoor mall and increased interest for office and residential, alike."
The Lincoln Road property is within walking distance of world-class shopping, public beaches, parks and recreational facilities. The retail will benefit from the nearly 13.3 million visitors each year, according to Avison.
"Opportunities for mixed-use development along the Lincoln Road corridor are appealing to investors due to high market rents for retail and residential especially," says Crotty. "We expect high interest from both private and institutional groups in this location as it is the high street retail strip of the Southeast."
This deal comes at the heels a $55 million bulk condo sale of Surf House in Surfside, FL that Avison brokered. Earlier this month, a historic Lincoln Road office building hit the market 100% leased.
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