A company tied to Aby Rosen’s RFR Holding paid $20.5 million for a building on Lincoln Road in Miami Beach, property records show.
Luis E. Barreto, acting as a trustee under the Louise Z. Osius Irrevocable Inter Vivos Trust, sold 318 to 344 Lincoln Road to 318 Lincoln LLC, a Delaware company that is controlled by New York-based RFR. The buyer financed the deal with a $17 million loan from Argentic Real Estate Investment LLC.
RFR is an investment, development and management company founded by Rosen and Michael Fuchs. In South Florida, the firm also owns 800 Lincoln Road and 140 Northeast 40th Street in Miami, and was a co-developer of W South Beach.
The property that RFR just acquired, on the southeast side of Lincoln Road, is about two blocks from the beach. The nearly 24,000-square-foot retail building was built in 1945 on a 17,250-square-foot lot. It’s leased to tenants that include Interchange, Groovy’s Pizza and a bartending school.
The building sold for $862 per square foot. Few properties have traded on Lincoln Road following the record-setting sales of 1111 Lincoln Road, which sold in 2017 to German institutional fund Bayerische Versorgungskammer for $283 million – or nearly $2,000 per foot – and the $370 million sale of 1001 to 1035 Lincoln Road to Spanish billionaire Amancio Ortega in 2015.
Retail asking rents have also come down on the popular Miami Beach street, which peaked at upwards of $400 per square foot between 2015 and 2016.