Tristar buys Lincoln Road retail building for $30M
A prime Lincoln Road retail building has been acquired for more than $30 million by a company tied to David Edelstein’s Tristar Capital, The Real Deal has learned.
Tristar-managed 530 Lincoln Owner purchased the two-story building at 530 Lincoln Road in Miami Beach on Friday, according to Miami-Dade County records. The county recorded the transaction on Monday.
Lincoln 530, a Miami Beach-based company, is the seller. State corporate records show Yaniv Sananes is the manager of Lincoln 530. The company paid $12 million for the 11,000-square-foot building in March 2010.
The 7,500-square-foot property was once owned by the Estefan family.
Lincoln 530 first put the building on the market in March 2012 with an asking price of nearly $28 million. The Miami Beach-based Comras Company took over as the exclusive sales and leasing agent for the building in September 2012.
The building is located directly across from H&M’s flagship store at 551 Lincoln Road. The property received historic preservation approval for a glass enclosure over its courtyard.
Tristar plans to ask the city for permission to add 3,000 square feet to the building, according to Eastern Consolidated senior director Adelaide Polsinelli, who brokered the sale.
The company obtained financing from Principal Insurance at a 60 percent loan-to-value ratio. Manny de Zarraga of HFF arranged the financing.
Robert K. Futterman has been retained to handle retail leasing at the building.
New York-based Tristar sold a three-building Lincoln Road portfolio for $139 million to affiliates of Terranova and Acadia Realty Trust last year.
Edelstein recently resolved a foreclosure case involving the W South Beach hotel-condo and obtained a $140 million refinancing. He developed the 2201 Collins Avenue hotel in 2008 and opened it the following summer. — Eric Kalis