Miami Beach Lincoln Center Sells for a Surprising $132M
- Jul 13, 2012
The 127,000-square-foot Lincoln Center can pride itself with new owners, as VCP Lincoln Road—an affiliate of New York-based REIT Vornado—recently purchased the property for a reported $132 million. The seller, a joint venture between New York-based RFR Holding LLC and Miami-based Greenstreet Real Estate Partners LP, hired Holliday Fenoglio Fowler to represent the company in the transaction, with executive managing director Manuel de Zarraga, senior managing director Danny Finkle, director Luis Castillo and analyst Kim Flores spearheading the transaction.
“Rarely does an opportunity present itself to acquire a large-scale trophy retail asset in a dynamic, globally recognized market like Miami Beach,” said Castillo. “Its iconic award-winning design and irreplaceable position at the entrance to the Lincoln Road pedestrian mall will ensure Lincoln Center’s long-term success and allow it to be at the forefront of the market’s continued ascent.”
Lincoln Center, built in 1999, is located at 1100 Lincoln Rd. between Lenox Avenue and Alton Road at the entrance of Miami Beach’s renowned pedestrian shopping mall. Currently 96 percent leased, the retail center is anchored by an 18-screen Regal Cinema, while other tenants include Banana Republic, Anthropologie, Serendipity 3, Lacoste and H&M. The property also features a 298-space structured parking garage.
According to the South Florida Business Journal, the purchase was financed by a $66 million mortgage that Vornado obtained from a group of lenders led by Bank of America. The publication also highlights the fact that the price for which Lincoln Center traded is significantly higher than the $41.5 million at which the Miami-Dade County Property appraiser’s office valued it in 2011.
The price for which the retail center had previously traded in 2003 is not available, as the purchase was done through a corporate merger.
Image courtesy of lincolnroadmall.com
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