Thor Equities leases Lincoln Road spots to Steve Madden, Haagen-Dazs

Asking rents were $300 per square foot

Mar.March 29, 2017 04:00 PM

667, 665 and 663 Lincoln Road and Joe Sitt

Thor Equities has signed leases with Steve Madden and Haagen-Dazs for two adjacent spaces on Lincoln Road, bringing its holdings on the pedestrian promenade to fully leased, The Real Deal has learned.

Steve Madden is taking 2,300 square feet at 663 Lincoln Road and Haagen-Dazs will be next door, with 1,000 square feet at 665 Lincoln Road, according to a New York-based Thor Equities spokesperson. Asking rents for both spaces were $300, the spokesperson said.

Joe Sitt’s Thor Equities paid $15 million for the 5,000-square-foot building in 2012, property records show. It was built in 1935. Pizza Rustica is also a tenant with 1,700 square feet at 667 Lincoln Road.

For Haagen-Dazs, Fiorella Perez of Rovira Realty represented the tenant in the 10-year lease, and George Stanchfield of Thor Equities represented the landlord. For Steve Madden, the tenant represented itself and George Stanchfield of Thor Equities represented the landlord. According to a source, Steve Madden’s lease is for one year with an option to extend to a long-term lease.

Steve Madden already operates a store about two blocks down on the Miami Beach shopping street, at 443 Lincoln. Lydia July, a manager at that store, told TRD the new store will open later this week, and will be called Steven. It will offer higher-end brands, including Superaga, Dolce Vita and Free bird, in addition to Steve Madden shoes.

Together with ASB Capital Management, Thor also owns the ground floor retail space at 605 Lincoln. The owners put the 10,093-square-foot retail condo space on the market in January. Divided into four stores, the space is 100 percent leased by Starbucks, Journey’s and Oakley, with Lush as a sub-tenant of Starbucks, Luis Castillo, managing director of HFF in Miami, previously told TRD. Castillo is listing the space with Danny Finkle, also of HFF. The target is $30 million, he said. The price equates to $2,972 per square foot.

Lincoln Road has experienced a slowdown in leasing activity in recent months, and brokers have said asking rates, which had soared to as high as $350 per square foot or more, have declined to $275 to $325. “There’s a little weakness on leasing,” Castillo acknowledged in January. “Rents got high and are tweaking back a bit.”

Thor also has been targeting Miami’s Wynwood neighborhood for property purchases in recent years. Thor’s Wynwood portfolio includes 2800 Northwest Second Avenue, a 100,000-square-foot site with 45,000 square feet of retail space; and 2722 Northwest Second Avenue, a single-story retail property with 5,000 square feet on a 10,000-square-foot lot. The firm also leases two retail spaces at 250 Wynwood which it has sub-leased to upcoming tenants Federal Donuts and Crudos Fusion Sushi.

In July, Thor filed plans with the city of Miami for a new mixed-use development that would include 306 apartments and 88,000 square feet of commercial and hotel space on 2 acres of property that includes 252, 268 and 286 Northwest 29th Street and 2801 Northwest Third Avenue in Wynwood. Thor Equities paid $29 million for nearly the entire block in 2015. The site currently houses vacant warehouses. Thor’s partner on the project is New York-based Rockwood Capital. Thor also owns 70 Northeast 39th Street and 120 Northeast 39th Street in Miami’s Design District and 852 Collins Avenue in South Beach.

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