The recent Lincoln Road property acquisition flurry was highlighted in a national trend story about investors racing to pick up prime retail sites in key U.S. markets.
CoStar’s report notes two of the three Miami-Dade County retail trades surpassing $3,000 per square foot since August occurred on the popular South Beach block. Those deals were the record $342 million acquisition of a six-property Lincoln Road portfolio by a joint venture of Terranova and Morgan Stanley Real Estate Investing and TriStar Captial and RFR Holdings’ $88 million purchase of the ArtCenter South Florida building. The third Miami-Dade deal to exceed $3,000 per square foot was the $12.5 million acquisition of a Wendy’s fast-food site at 3333 Biscayne Boulevard in September.
“With the influx of wealthy foreign nationals and investors from the Northeast and Midwest U.S., Miami is now one of these cities that are a magnet for the rich from all over the world,” said Neisen Kasdin, Miami office managing partner at law firm Akerman. “Lincoln Road now enters the ranks of the being one of the most important retail streets in the country, along with North Michigan Avenue in Chicago and Rodeo Drive [in Beverly Hills], achieving rents of $350 a square foot and sales of over $4,000 a foot.” [CoStar] — Eric Kalis