The Real Deal Miami

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
By Amanda Rabines | November 23, 2018 03:30PM

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.