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.
“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