A retail building at 635-639 Lincoln Road has traded for $34.8 million, as demand escalates for properties along the pedestrian promenade, The Real Deal has learned.
A large Canadian investment firm purchased the 5,332-square-foot building, built in 1935, on Friday, at a price that equates to a whopping $6,527 per square foot. Current tenants include a jewelry store, Claudia N.; and a shoe store called the Shoe Shop.
Ness Ohayon, co-founder of WITT Realty Group out of Keller Williams Miami represented the buyers in the off-market deal that he said has been in the works for about four months.
The seller is Camelot of Miami LLC, based in Saint Johns, Florida, Miami-Dade property records show. Attorney Phillip Buhler of Switzerland, Florida, is the authorized managing member, according to records. James Lloyd represented the seller.
“It wasn’t easy at all to convince the seller,” Ohayon told TRD. “The seller didn’t want to sell and it was never on the market. I had to do a lot of convincing.”
The Miami Beach sale has not yet been recorded in property records, and Ohayon declined to name the large Canadian firm.
“It’s a personal investment,” he said. “They know Lincoln Road is hot and they will hopefully rent it to some tenants and have some cash flow.”
Investors have been targeting Lincoln Road in recent months, particularly since Spanish billionaire Amancio Ortega, whose fashion empire includes Zara, bought an entire block in September. Michael Comras and Jonathan Fryd sold the properties, 1001-1035 Lincoln Road, for a staggering $370 million, marking one of the largest real estate deals in Miami-Dade history. The properties totaled about 48,000 square feet of land and 75,000 square feet of buildings, for a price that equated to $7,708 per square foot for land and $4,933 per square foot for buildings.
Last year, 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.