Walgreens space on Lincoln Road looking for anchor tenant
A prime retail spot on Miami Beach’s Lincoln Road is up for lease, CBRE announced on Monday.
The 15,895-square-foot space at 100 Lincoln Road is currently leased to Walgreens. That includes 13,941 square feet on the ground floor with an additional 1,954 square feet on the mezzanine level, according to a press release. CBRE’s Zach Winkler is marketing the property.
Winkler told The Real Deal that the ideal tenant is a fashion retailer, similar to an H&M or Zara, which already have a presence on Lincoln Road.
“You will not find a more visible flagship location in all of South Beach,” Winkler said in the press release. “100 Lincoln is positioned with over 220 feet of frontage on the corner of Lincoln Road and Collins Avenue – Miami Beach’s two most recognizable retail corridors.”
The space is in the 625-unit Decoplage condominium tower, which was built in 1965. It’s just south of the Delano and Ritz-Carlton South Beach hotels and north of the Loews Miami Beach. It can be leased to one retailer or divided into smaller spaces.
Walgreens is expanding to a larger space across the street, Winkler told TRD. Its current space will be available in December.
In September, an entire block of Lincoln Road sold for $370 million – one of the largest real estate deals in Miami-Dade history. A partnership led by local commercial real estate investors and developers Michael Comras and Jonathan Fryd sold the properties to Amancio Ortega, a Spanish fashion billionaire whose empire includes Zara.
Lincoln Road itself is expected to get a facelift, with a master plan proposing such improvements as adding public seating and outdoor space for art and performances, enlarging sidewalks and enhancing adjoining streets.