The Real Deal Miami

Terranova, Acadia affiliates pay $132 million for Lincoln Road portfolio in largest retail deal of 2012

December 19, 2012 11:15AM
By Alexander Britell

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826 Lincoln Road

In the largest retail acquisition in Florida in 2012, affiliates of Terranova and Acadia Realty Trust have paid $139 million for a three-building portfolio on Miami Beach’s Lincoln Road.

The addresses of the three buildings are 801, 826 and 719 Lincoln Road, which are currently leased by Fossil, Dylan’s Candy Bar and Kiehl’s.

The three properties were owned by South Beach Tristar Capital, according to the Miami-Dade County Property Appraiser’s Office.

The purchase comes five months after Vornado paid $132 million for a complex up the street at 1100 Lincoln Road.

Earlier this year, Terranova and Acadia jointly purchased another three-building portfolio on Lincoln Road.

The retail district, which got a boost in 2010 with the debut of the Herzog & de Meuron-designed 1111 Lincoln mixed-use complex, has increasingly been drawing national and international firms to open flagship stores — most recently, an H&M.

Earlier this year, Michael Comras, president of the Comras Company, which specializes in Miami Beach retail deals, called Lincoln Road “one of the main shopping destinations” in the country.

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