Commercial property near Lincoln Road up for sale
Building is almost 100 percent leased with 33 office tenants and 9 retailers
September 18, 2015 02:15PMBy Sean Stewart-Muniz
The Lincoln mixed-use building and Colliers agents Stephen Rutchik and Jonathan Kingsley (left), along with CBRE agents Christian Lee and Jose Lobon (right)
The Lincoln, a mixed-use building near Miami Beach’s Lincoln Road that will be the new home for Williams-Sonoma and Pottery Barn has been put up for sale.
Colliers International Group, the brokerage firm that handles leasing for the office and retail building at 1691 Michigan Avenue, said the building has been on the market for about three weeks. The owners, a public/private partnership between the city of Miami Beach and New York-based Real Estate Capital Partners, has been accepting offers that are due next week — though there is no official asking price. Prices for retail buildings right on Lincoln Road have recently approached $5,000 a square foot.
The Lincoln is six stories and has 118,000 square feet of office space, which is currently 100 percent leased with 33 tenants, and 43,000 square feet of retail space on the ground floor. It’s connected to a parking garage with 709 spaces.
A handful of new office tenants have signed on in recent months: Blue Chip Wealth Management, a financial planning company; Creative Artists Agency, an entertainment and sports agency; Deco Capital, a real estate investment company; and Stewart Title Company, a service provider for the real estate industry, according to a news release.
“Office and retail tenants are drawn to The Lincoln because of its prime location and plentiful parking.” Stephen Rutchik, one of the Colliers agents who handles leasing for the building, said in the release. “Over time, we’ve cultivated a stellar tenant roster – a mix of institutional tenants and local firms with a balanced representation of financial and creative sectors, unique on Miami Beach.”
There’s only one vacancy for the building’s retail section: a 3,567-square-foot space. The former Lucky Strike bowling alley space, which measured 18,175 square feet, has been re-leased. Colliers’ news release does not name the new tenants, though industry sources say Williams-Sonoma and Pottery Barn are the stores moving in.
The Lincoln is being co-listed by Stephen Rutchik and Jonathan Kingsley of Colliers along with Christian Lee and Jose Lobon of CBRE.
The building is close to the four properties where real estate investors Michael Comras and Jonathan Fryd recently made Lincoln Road history with their sale of an entire block for $370 million. The buyer was an entity linked to Spanish billionaire Amancio Ortega, which Forbes ranks as the fourth richest man in the world. That block has 75,000 square feet of buildings, which means the deal equated to roughly $4,933 per square foot.
Source: The Real Deal