A property investment frenzy is leading to an unprecedented surge in sale prices at Miami Beach’s Lincoln Road mall. And real estate experts believe the upward pricing trend is not going to stop anytime soon.
In May, 818 Lincoln Road — home to Miami-based artist Romero Britto’s gallery — traded for $34.5 million. Montreal-based 818 Lincoln Corp. paid $4,119 a square foot for the two-story building. That deal followed the January purchase by New York-based Imperium Capital and Centurion Realty of a 10,000 square foot building at 643-657 Lincoln Road for $33 million, or about $3,300 per square foot. [more]