$342 million sale, Six Properties, Lincoln Road, Miami Beach

$342 million sale of six properties on Miami Beach’s Lincoln Road | MiamiHerald.com: ".... At $342 million, the Lincoln Road sale ranks among one of the highest priced deals in South Florida... widespread popularity of Lincoln Road among investors. Asking prices for properties can approach $5,000 a square foot. Rents have risen to $300 a square foot, which puts Lincoln Road on par with New York’s Madison Avenue, said retail consultant Cynthia Cohen, president of Strategic Mindshare. Such prices also reflect tourists and residents’ growing interest in shopping and dining along urban streets. “When there’s a buzz of hot retailers, restaurants and a real energy to the street, then it’s magic,” Cohen said. Indeed, for the past few years, Lincoln Road has become a magnet for global brands, amid an influx of new capital from New York institutional investors. Prices have hit new heights as the pedestrian mall attracts more international and national retail tenants. In June, the Gap opened a new two-story store, with Athleta next door and Intermix alongside it. Lululemon, Zara, Apple, and Zadig & Voltaire are under construction on the street, which boasts other new tenants — including Urban Outfitters, American Eagle Apparel, H&M and Forever 21. In the realm of commercial real estate, experts say Lincoln Road has taken its place among the most regaled high streets of the world...." (read more at link above)

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