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JSRE Acquisitions buys Miami Beach retail building for $35M

New York investor matches purchase price for Romero Britto's nearby gallery

720 Lincoln Road in Miami Beach
720 Lincoln Road in Miami Beach

From the South Florida website: A Lincoln Road retail building traded for $34.5 million, the same price Romero Britto’s nearby gallery commanded last week, The Real Deal has learned.

New York-based JSRE Acquisitions acquired the 716-720 Lincoln Road property on Wednesday, exactly one week after Britto’s 818 Lincoln Road gallery was purchased by a Montreal-based company. JSRE picked up the 6,943-square-foot building through a company called 718 Lincoln Owner. No financing was recorded.

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Thai Investment Group of Miami is the seller. Ronald Felton signed the deed as president of the company. It owned the 7,500-square-foot South Beach property for 21 years before selling it to JSRE.

The building was originally constructed in 1936. It located between the H&M and Forever 21 stores.

Cache and American Apparel occupy the two retail spaces in the building, according to Robert Futterman’s RKF, which handles leasing at the property.