Premier Miami Beach Retail Center Trades for $132M
- Jul 13, 2012
A few years in the commercial real estate market can make all the difference. Nine years after shelling out $43 million to acquire Lincoln Center, a 167,000-square-foot retail property in Miami Beach, Fla., joint venture partners RFR Holding L.L.C. and Greenstreet Real Estate Partners L.P. have sold the trophy asset to Vornado for $132 million.
RFR and Greenstreet relied on commercial real estate and capital markets services provider HFF to orchestrate the disposition of the 13-year-old property, which attracted more than a few eager investors. “I think Miami, Miami Beach in particular, is viewed as one of the core gateway markets in the global retail world,” Daniel Finkle, senior managing director with HFF, told Commercial Property Executive. “So I think people who are looking at investing in this type of project on Miami Beach are also looking at the other major markets, both domestically and internationally, and view Miami Beach as being one of the premier markets today and with a lot of growth potential into the future.”
Developed in 1999, Lincoln Center carries the address of 1100 Lincoln Rd., which places it in a premier spot right at the western entrance of the city’s popular Lincoln Road shopping district. Lincoln Center is an investor’s dream. It has high status, the right location, and it’s stabilized. Approximately 96 percent of the shopping center’s 127,000 square feet of leasable space is occupied. Leading tenants include Regal Cinema multiplex, the property’s 79,500-square-foot, two-story anchor. Lincoln Center also features a six-level parking facility.
Vornado financed a portion of the transaction with a $66 million mortgage loan bearing an interest at LIBOR plus 2.75 percent and a maturity date in July 2015, with the option for two one-year extensions.