David Edelstein’s TriStar Capital added to its sizable portfolio on Miami Beach’s Lincoln Road, buying two adjacent commercial buildings for $18.5 million, Miami-Dade County records show.
The sites, 918 Lincoln Road and 920 Lincoln Road, have 1,554 square feet and 1,258 square feet, respectively, for a total of 2,812 square feet — equating to a whopping $6,579 per square foot for the purchase.
Lincoln Road’s pedestrian promenade is increasingly drawing New York investors like TriStar and Thor Equities. Edelstein is pursuing plans to build a contemporary 15,789-square-foot, two-story tall retail building on land his company leases from the Miami Beach Community Church at the corner of Drexel Avenue and Lincoln Road. Thor owns 663-667 Lincoln Road and 605 Lincoln Road.
TriStar bought its latest properties, built in 1935, from Lauren Investments Corp., whose principal is Paul Yang, according to public records. Tenants of the building are Lincoln Road Travelware and 920 Grille.
Records show C1 Bank provided TriStar with a $13.875 million mortgage.
The building is down the street from Bebe, in the newly renovated 900 Lincoln, owned by Steven Gombinski, president of the Lincoln Road Property Owners Association.
Up and down Lincoln Road, national and international retail tenants are increasing their presence. New stores for Gap, Intermix, Athleta and Apple have all opened in recent months. Nike is next. In April, Nike won approval from the Miami Beach Historic Preservation Board to demolish the building that straddles the corner of Lenox and Lincoln Road and develop it into a 30,000-square-foot multistory building.
As rents reach as high as $400 a square foot, the retail area is continuing to pour over onto the side streets, creating a wider district. Anthropologie just signed a 12,000-square-foot lease to move to a new three-story building Terranova Corp. is developing at 801 Lincoln Road. The building will be built on Meridian Avenue, the current site of Abuela’s and Deco Drive Cigars, near Dylan’s Candy Bar.
The property is one of two that Terranova is developing, geared to expand the Lincoln Road shopping district from the pedestrian promenade to 17th Street. Terranova’s other building, at 723 Lincoln Lane, will have 42,000 square feet alongside Macy’s, and will be the site for Marshalls.