Alto Real Estate buys Lincoln Road retail building for $19M

Property is 62% occupied

Miami /
May.May 20, 2021 05:30 PM
900-904 Lincoln Road (GLT Group Brokerage)

900-904 Lincoln Road (GLT Group Brokerage)

Alto Real Estate Funds bought a Lincoln Road building for $18.9 million, marking the third South Beach retail deal so far this month.

Gombinski Properties sold the property at 900-904 Lincoln Road in Miami Beach to Alto Real Estate, which offers several funds to investors, according to deal broker Ran Ziv.

Ziv and Sean Shahar Ziv, both of GLT Group Brokerage, represented the seller and found the buyer.

Gombinski Properties, a family organization led by Steven Gombinski, bought the 7,142- square-foot property on the corner of Lincoln Road and Jefferson Avenue in 1985 for $235,000, records show. It is on less than 0.2 acres.

Gombinski renovated it in 2015, and two years later leased part of the building to Aerie, a lingerie retailer that is a subsidiary of American Eagle Outfitters.

Aerie still is the only tenant, leaving 38 percent of the space up for lease, according to Ran Ziv.

Alto Real Estate, led by co-founders Yaniv Melamud and Mody Kidon, has 12 million square feet of assets under management, valued at $1.2 billion, according to its website. It has offices in Dallas; Denver; Columbus, Ohio; and Tel-Aviv.

South Beach has had an active month for retail investment sales. The popular party destination last week curbed alcohol hours to 2 a.m. from 5 a.m. in response to overwhelming crowds during Spring Break.

This month, New York City-based Regal Acquisitions bought the CVS-anchored retail in the same building as the Boulan South Beach hotel for $34 million, and Coral Gables-based Location Ventures bought the retail building at 1260 Washington Avenue and the next-door office building at 1234 Washington Avenue for $20 million.






    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
    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
    Gabriele Braha and Avihai Daniell with the properties (Red Group)
    Family office buys South Beach short-term rental portfolio for $14M
    Family office buys South Beach short-term rental portfolio for $14M
    arrow_forward_ios

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

    Loading...