The Sterling Building on Lincoln Road landed a $29 million boost to its existing mortgage, Miami-Dade County records show.
The property, at 927 Lincoln Road, houses local bookstore chain Books & Books and Diesel clothing, among other tenants. Wells Fargo was the lender. The original loan was for $8.5 million in 2011.
An LLC led by Miami investor Sam Herzberg owns the two-story, 28,433-square-foot building. The company paid $3.25 million for the half-acre property in 1997, according to Miami-Dade property records. The mixed-use building was constructed in 1928.
In July 2014, a company led by Herzberg paid $32 million for a Walgreens-anchored retail building in South Beach. Two months earlier, Herzberg his portfolio in Miami’s Design District to Thor Equities for $45.4 million.
Lincoln Road has seen a flurry of new and returning tenants to the area, which include Brazilian activewear company Live!; Italian accessories brand O Bag; Pottery Barn and Williams-Sonoma; Anthropologie and Tumi.
In July, Lincoln Road property owners voted in favor of creating a special tax district on Lincoln Road to fund improvements. The Lincoln Road Business Improvement District, or BID, will have a 10-year life and will support the promotion, management and marketing the popular pedestrian promenade.