NYC investors cashing in on Lincoln Road
Increasingly, New York-based investors are buying up Lincoln Road properties at record prices, and as a result rents are skyrocketing.
The change is also bringing in major national and international retailers, such as Gap, Zara and Apple. And soon, Lululemon, Zadig & Voltaire and Kiko Milano, an Italian cosmetics brand, will all move in.
Sources told the Miami Herald that prospective Lincoln Road tenants include Nike, Abercrombie & Fitch, Topshop and Old Navy.
“It is squarely in the sights of every major, exciting retail operator around the world, and the demand for locations on Lincoln Road has never been higher,” said Stephen Bittel, founder and chairman of Miami Beach-based Terranova Corp, which has bought several Lincoln Road properties in a joint venture with New York-based Acadia Realty Trust. [Miami Herald] – Christopher Cameron