Garmin has leased space on Lincoln Road, following a slew of new tenants in the hot Miami Beach shopping district.
GPS navigation giant Garmin will open its first South Florida retail store at 511-513 Lincoln Road, RKF announced in a press release.
The 2,636-square-foot single-story space was formerly occupied by Tesla and will open toward the end of this year. It marks the second location in the United States, RKF said. The first is in Chicago.
“Garmin’s decision to open its second location here is a testament to Lincoln Road and the South Beach retail market,” Drew Schaul, RKF vice president, said in a statement. “A forward-thinking tech company like Garmin will be a great addition to Miami, where the health and fitness segments are booming, and further solidifies Lincoln Road as the choice location in this international gateway city for retailers to maximize gross revenue and brand awareness.”
Schaul and RKF Senior Director John Ellis represented Garmin, while the landlord was represented in-house.
Lincoln 511 LLC owns the building, according to Miami-Dade County property records. The LLC is tied to Jenel Management Corp., a private real estate investment and management firm based in New York City. Jenel paid $1.3 million in 1998 for the 5,444-square-foot building, which is between Drexel and Pennsylvania Avenues. It’s next to Yuca, which has been involved in heated litigation with its landlord.
Last week, Lincoln Road property owners voted in favor of creating a special tax district on Lincoln Road to fund improvements. The Lincoln Road Business Improvement District, or BID, will have a 10-year life and will support the promotion, management and marketing the popular pedestrian promenade. — Katherine Kallergis