The Real Deal Miami

Lincoln Road building looks for buyer for flagship retail space

Building owned by Rubells includes 35,000 square feet of retail and commercial space

January 19, 2015 03:00PM
By Katherine Kallergis

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311 Lincoln Road and Jason Rubell

311 Lincoln Road and Jason Rubell of the Rubell family, who owns the site

311 Lincoln Road is prime for a flagship retail store – and the property’s owners are looking for a buyer to redevelop its existing office and retail space.

The building, attached to the Albion Hotel and owned by the Rubell family, is being marketed for sale and consists of three stories totaling 35,000 square feet of retail and commercial space along Lincoln Road in Miami Beach.

“What’s really unique is that it’s located in the Miami Beach signage district,” HFF associate director Scott Wadler told The Real Deal. HFF, a commercial real estate firm, is handling the property’s retail sale. The firm said it’s looking for competitive market offers, but declined to comment on a specific price.

“This property will trade in the range that other Lincoln Road retail has traded in the last six months,” HFF managing director Luis Castillo told TRD. Recent sales of other Lincoln Road buildings have  reached as high as the $5,000 per-square-foot range, Castillo said.

311 Lincoln Road is located between the Collins Avenue hotel strip, which includes Delano, Shore Club, the Setai and SLS, and Lincoln Road. It has more than 190 feet of Lincoln Road frontage and 150 feet of James Avenue frontage.

The Art Deco-style hotel at 1650 James Avenue is part of the property but not offered in the sale. Albion Associates, affiliated with the Rubell family, bought the site for $5.25 million in 1996, according to Miami-Dade property records. It was built in 1939.