A month after selling an entire block on Lincoln Road for $370 million to a Spanish billionaire, Michael Comras is now marketing another building on pedestrian promenade that could trade for $65 million or more.
Comras Company has listed 421 Lincoln Road for sale or lease, six blocks east of the 1001-1035 block Comras and partner Jonathan Fryd sold last month to Amancio Ortega, whose fashion empire includes Zara. Forbes ranks the self-made billionaire as the fourth richest person in the world.
The 421 Lincoln Road property is currently leased to Surf Style. The building, which has 100 feet of frontage along both Lincoln Road and Lincoln Lane, sits on a 10,500 foot lot. It has 10,042 square feet on the ground floor and an additional 3,294 square feet on the mezzanine level.
Comras Company has not listed a price, but based on a square footage valuation from the $370 million sale, 421 Lincoln Road could fetch more than $65 million, or as much as $80 million, based on the land.
Michael Comras
Comras, along with Comras Company’s Michael Silverman and David Goldberg are marketing the property.
Miami-Dade property records show the building was built in 1940. It was last purchased for $795,000 in 1991 by Med Properties of Miami Beach, in care of Shaul Zislin. Public records show the ownership entity’s president is Eliyahu Levy and vice president Doron Malinasky.
Miami Beach-based Comras Company said the site could be leased to a large national retailer, but can also be divided into smaller retail units. The property also has development rights that would allow a purchaser to redevelop it to 29,000 square feet.
Comras’s $370 million sale in September covered the block that is now home to newly built stores for Gap, Intermix, Athleta, Apple and the future location for Nike – which will be built at the former site of Pottery Barn and Williams-Sonoma. The properties total about 48,000 square feet of land and 75,000 square feet of buildings.
At the time, Comras called it “a blockbuster sale,” and said it was the largest deal he had ever been involved in.
The investors had assembled the properties in 1999, paying a total of about $12 million. They then started to lease space to national retailers, helping to spearhead the transformation of the pedestrian promenade, where rents have now skyrocketed to about $300 per square foot, and properties are selling for $5,000 a square foot.
Last week, Miami Beach commissioners approved a master plan for the Lincoln Road district. The plan, designed by New York landscape architects James Corner Field Operations, will overhaul Lincoln Road – enlarging sidewalks, adding extensive landscaping and turning some side streets and back alleys into pedestrian walkways that will serve as new retail and restaurant venues.