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Bobby Cayre pays $15M for Miami Beach retail building
Rand Real Estate Services sold the building for $1,000 psf
New York investor Bobby Cayre just paid $15 million for a retail building on Lincoln Road.
Property records show Rand Real Estate Services affiliate CLR Lincoln Associates sold the building at 337 Lincoln Road in Miami Beach to 337 Lincoln Road Holdings, controlled by Cayre. The buyer financed the deal with a $9 million mortgage from Mercantil Bank.
The nearly 15,000-square-foot building, constructed in 1953, sits on a 7,575-square-foot lot. The property sold for nearly $1,000 per square foot.
Ivan Hakimian of HPNY was involved in the deal.
The sale was one of only two above $5 million on Lincoln Road this year. In July, German institutional fund Bayerische Versorgungskammer paid $283 million for 1111 Lincoln Road.
Cayre’s property is leased to Ulta Beauty. Jonathan Carter of the Comras Company handles retail leasing for the building, according to the brokerage’s website.
In New York, Cayre runs Aurora Capital Associates, a real estate investment firm.
Westport, Connecticut-based Rand focuses on value-add retail properties ranging from $2 million to more than $20 million, according to its website. Records show it paid $7.9 million for the building in 2010.
Cayre and Carter could not immediately be reached for comment.