Retail building at 635-639 Lincoln Road sells for $34.8M

Miami /
Jan.January 29, 2016 05:30 PM

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.


Related Articles

arrow_forward_ios
Novak Djokovic with the unit (Eighty Seven Park unit photo via Lenny Kagan, Djokovic via Getty)
Novak Djokovic sells Miami Beach condo for modest profit
Novak Djokovic sells Miami Beach condo for modest profit
Clockwise from lower left: John Cooper and Allen Morris from The Allen Morris Company and Stormont Hospitality and Camilo Lopez and Jorge Escobar from Black Salmon (Ander & Co)
AMS Hospitality, Black Salmon buy Circa 39 hotel in Miami Beach
AMS Hospitality, Black Salmon buy Circa 39 hotel in Miami Beach
4412 North Bay Road
North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
North Bay Road mansion sells for $25M, nearly double its purchase price two years ago
Oceana Key Biscayne at 360 Ocean Drive, Key Biscayne
Miami-Dade condo sales and volume dip in second week of June
Miami-Dade condo sales and volume dip in second week of June
Developers David Martin, Russell Galbut and renderings of the project.
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
HFZ’s Ziel Feldman with the Shore Club (Getty, Facebook via Shore Club)
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
Chris Lorenzen and Richard W. Gray III with Apogee at 800 South Pointe Drive in Miami Beach (LinkedIn, DJR Enterprises, Apogee Condo South Beach)
Securities trading CEO buys Apogee condo in South Beach for $12M
Securities trading CEO buys Apogee condo in South Beach for $12M
Palazzo Del Sol (7000 Fisher Island Drive, Fisher Island) (Google Maps)
$19M Fisher Island PH leads weekly condo sales
$19M Fisher Island PH leads weekly condo sales
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...