Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale the ground-floor retail condominium at 605 Lincoln Road in Miami Beach, Florida. This offering represents a unique opportunity to acquire highly-functional and prominent retail space fully occupied by high-profile tenants with significantly below-market leases in one of the country’s most iconic pedestrian shopping districts, the Lincoln Road shopping district.
The retail property for sale is situated at the dynamic corner of Lincoln Road and Pennsylvania Avenue at a hard corner with more than 150 feet of prime exposure, prominent signage and visibility on one of the most renowned streets in the United States. The 605 Lincoln Road asset comprises 10,093 square feet of ground-floor retail space, which is currently 100 percent leased to high-traffic and energetic tenants Starbucks, LUSH, Journey’s and Oakley. The condominium space is being offered together; however, the current owner is open to selling individual tenant bays in order to accommodate investors and offer maximum flexibility throughout the marketing process.
The property is situated in the heart of Lincoln Road adjoining the city’s largest parking garage and the New World Symphony. Other proximate demand drivers include the Fillmore Miami Beach, Soundscape Park, the Convention Center and thousands of hotel rooms. More than $650 million of recent and planned capital improvements are planned or ongoing in the immediate vicinity, including a $600 million renovation of the Miami Beach Convention Center that will host 300 events and 800,000 delegates annually; the first phase ($39 million) of the planned redesign beginning in April 2018 of Lincoln Road between Alton Road and Washington Avenue by James Corner Field Operations; and several re-development projects for prominent retail brands, including a flagship Nike store, Marshalls, Anthropologie and Ross Dress for Less. Additionally, Miami and the beaches enjoyed $24.4 billion in direct expenditures from visitors in 2015. With 48.1 percent of greater Miami’s visitors choosing Miami Beach for lodging and the beaches, the Lincoln Road shopping district in particular commands the largest share of visitors of all retail destinations in the country.
The retail condimium at 605 Lincoln Road represents an opportunity for an investor to acquire ground-floor retail in one of the most sought-after retail areas in the United States. For more information on this or other commercial properties for sale in South Florida, please contact HFF Managing Director Luis Castillo, Senior Managing Director Danny Finkle or Director Eric Williams.