TriStar, RFR partner to acquire Lincoln Road building

Robert Kaplan and Chris Lentz
Robert Kaplan and Chris Lentz

A partnership between David Edelstein’s TriStar Capital and Aby Rosen’s RFR Holdings acquired a nearly 18,000-square-foot building on Lincoln Road from nonprofit ArtCenter South Florida.

The 800 Lincoln Road building joins the W South Beach hotel as part of the Miami Beach portfolio of TriStar and RFR. The deal was announced on Tuesday in a written statement. It has not been recorded by Miami-Dade County.

TriStar and RFR’s purchase price was not disclosed in the announcement, but the Miami Herald reported that the companies paid $88 million for the building. The former Burdines store is expected to include retail and entertainment space. ArtCenter plans to remain at its 924 Lincoln Road location.

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“Both TriStar and RFR have a long history of owning, developing and restoring buildings in South Beach, especially on Lincoln Road,” Edelstein said. “The historical significance of this particular building, which originally opened as a Burdines flagship department store in 1938, was a major consideration in our purchase as we look toward the future of Miami Beach’s retail scene.”

Robert Kaplan and Chris Lentz of Ackman-Ziff Real Estate’s Miami office arranged the transaction. — Eric Kalis