Thor Equities lists Lincoln Road building for $17.5M

Asking price is about 30% below the market’s peak in 2015

Miami /
Mar.March 02, 2020 12:30 PM
From left: 663 to 667 Lincoln Road, Joe Sitt, Tony Arellano and Devin Marinoff (Credit: DWNTWN REALTY ADVISORS)

From left: 663 to 667 Lincoln Road, Joe Sitt, Tony Arellano and Devin Marinoff (Credit: DWNTWN REALTY ADVISORS)

Thor Equities is looking to sell a retail property on Miami Beach’s Lincoln Road.

The building, at 663 to 667 Lincoln Road, is on the market for $17.5 million, or about $3,500 per square foot – about 30 percent below the market’s peak price of about $5,000 per square foot on the pedestrian-only retail street.

Thor’s 4,986-square-foot property is about 54 percent leased to Haagen Dazs and Pizza Rustica. A temporary tenant is leasing the remaining 2,269-square-foot space, according to the listing brokers, Devlin Marinoff and Tony Arellano of Dwntwn Realty Advisors.

“We believe that Lincoln Road is starting to find normalization,” Arellano said. “This is a great way to get onto one of the world’s best pedestrian streets.”

Marinoff and Arellano said that retail rents on Lincoln Road, which peaked at about $350 per square foot, triple net, are now about $250 per square foot, triple net.

In 2015, Zara billionaire Amancio Ortega paid $370 million for an entire block of Lincoln Road, marking one of the largest real estate deals in Miami-Dade history and the most expensive on the street. The properties include flagship Nike and Apple stores. They sold for about $4,900 per square foot.

Two years later, as rents and demand for retail space were already on the decline, German investment fund Bayerische Versorgungskammer (BVK) paid $283 million for 1111 Lincoln and an adjacent property.

“The tax base was so high on $5,000-per-square-foot sales that it made occupancy costs untenable,” Marinoff said.

New York-based Thor, led by founder and CEO Joseph Sitt, owns real estate in the U.S., Canada, Europe, Russia, India and Latin America, according to its website. In Miami, it owns properties in the Miami Design District and Wynwood. In Miami Beach, it also owns the ground-floor retail space at 605 Lincoln Road.

In June, Thor sold the hotel and retail building at 852 Collins Avenue for $5 million.


Related Articles

arrow_forward_ios
Ronny Finvarb with rendering of plans for a new project in Sunset Harbour (Finvarb Group, Getty)
Ronny Finvarb proposes new resi project in Sunset Harbour
Ronny Finvarb proposes new resi project in Sunset Harbour
Lennar Corp.’s Stuart Miller with a rendering of the property
Stuart Miller plans yet another Star Island mega manse
Stuart Miller plans yet another Star Island mega manse
2201 Collins Avenue (Google Maps)
Zaha Hadid’s former W South Beach condo sells — again
Zaha Hadid’s former W South Beach condo sells — again
Montford Group' Sunju Patel and Opterra Capital Glenn Alba with 2940 Collins Avenue (Montford Group, Getty)
Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
Joseph Chetrit and The Tides South Beach (Getty, The Tides South Beach)
Chetrit’s lender scores victory in South Beach hotel foreclosure
Chetrit’s lender scores victory in South Beach hotel foreclosure
6345 Collins Avenue (Colliers)
Oceanfront Casablanca condo-hotel in Miami Beach for sale
Oceanfront Casablanca condo-hotel in Miami Beach for sale
Allied Partners' Eric Hadar and RH's Gary Friedman with the Savoy hotel (Allied Partners, Getty, Google Maps)
Inside RH’s plans for $100M renovation of Miami Beach hotel
Inside RH’s plans for $100M renovation of Miami Beach hotel
Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
Coral Gables closing tops Miami-Dade’s weekly condo sales
Coral Gables closing tops Miami-Dade’s weekly condo sales
arrow_forward_ios

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

Loading...