Two Lincoln Road retail properties hit the market, each with $6.5M minimum bid

Nearby another property is on the market with plans for a 99-key hotel with ground floor retail

Miami /
Nov.November 23, 2018 03:30 PM

226 and 298 Lincoln Road

UPDATED Nov. 26, 11:45 p.m.: Two retail properties along Lincoln Road in Miami Beach are up for grabs.

The two 8,000-square-foot retail buildings, at 226 Lincoln Road and 298 Lincoln Road are owned by Herbert Z. Bookstein. One of the properties sits next to a larger 25,600-square-foot redevelopment site currently anchored by the Alvin’s Island beachwear shop and owned by the Wexler family.

Marcus & Millichap’s Institutional Property Advisors has the listing for the two buildings, with a call to offers beginning Wednesday. The minimum bid is set at $6.5 million, each.

The properties are located between Collins Avenue and Washington Avenue and sit on either side of a newly renovated retail building anchored by Ross Dress For Less. Each features about 40 feet of frontage on Lincoln Road.

The property at 226 Lincoln Road (referred to as 222 Lincoln Road by the seller) is a vacant two-story, office/retail building. Its sister property, at 298 Lincoln Road, is subject to a 99-year ground lease that expires in June 2044 and is sub-leased to Audio Camera Electronics. The land lessee pays an annual rent of $440,000 per year, in addition to other expenses, according to a press release.

Marcus & Millichap’s Drew A. Kristol said 226 Lincoln Road could be leased out as up to three spaces. Kristol and Kirk Olson are representing the seller.

The buildings may be purchased together or separately, according to the release.

The leasehold interest for the Wexler family’s property has been on-and-off the market since 2016. Earlier this summer, the Wexler family put it back on the market with plans designed by architect Kobi Karp for a 99-key hotel with about 18,000 square feet of ground floor retail.

Correction: A previous story misidentified the Wexler family as the owner of the properties with a different address. 


Related Articles

arrow_forward_ios
Eighty Seven Park next to the collapsed Champlain Towers South (Getty)
Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
Condo tower Eighty Seven Park, Collins Avenue still closed amid concerns of possible street collapse
Ronny Finvarb with the proposed hotel (GEK Architecture)
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
Sunset Harbour’s new zoning district bans Ronny Finvarb’s planned hotel, allows taller offices
DataDirect Networks President Paul Bloch, Oceanfirst Realty principal Eddy Chabli and renderings of the house Bloch plans to build (DDN, Kobi Karp Architecture)
Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
800 Lincoln Road building and Restaurateur Gregory Galy (Tricap, LinkedIn)
Mila restaurant to add entertainment venue on Lincoln Road
Mila restaurant to add entertainment venue on Lincoln Road
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Grupo Marquise’s Jose Carlos Pontes with the property (Compass, Facebook via Grupo Marquise)
Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Corey Dickerson, Mike Piazza and Derek Jeter with the Miami baseball stadium (Getty)
South Florida by the numbers: Play ball
South Florida by the numbers: Play ball
arrow_forward_ios

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

Loading...