ALTO Real Estate Funds Acquires Miami Retail Asset
The company has purchased a 7,142-square-foot corner property, located on the premier retail high street, Lincoln Rd.
MIAMI BEACH, FL – ALTO Real Estate Funds has purchased a 7,142-square-foot retail property in Miami Beach, FL for $18.9 million.
The acquired corner property is located at 900 and 904 Lincoln Rd. and is situated on the corner of Jefferson Ave.
The property underwent a complete renovation between 2015 and 2016. The retail asset now features restored facades, high ceilings and glass storefronts.
The property is currently 60% occupied. 900 Lincoln Rd. is leased to the American Eagle Outfitter subsidiary, Aerie. ALTO Real Estate Funds plans to lease the vacant store at 904 Lincoln Rd. by next year.
As a premier retail high street, Lincoln Rd. receives 11 million visitors a year. The one-mile road encompasses more than 800,000 square feet of retail and restaurant space, and is located near the Miami Beach Convention Center.
“ALTO estimates that rents in Lincoln Rd. are going to start climbing soon,” states ALTO Real Estate Funds founders, Mody Kidon and Yaniv Melamud. “Considering the high vaccination rate in the US, local as well as European and South American tourists are anticipated to return to Lincoln Rd. Moreover, a $70 million comprehensive renovation is scheduled to begin in the next couple of months, along with the relaunching of the Miami Beach Convention Center later this year. The center underwent a massive $750 million renovation which greatly increased its capacity.”