Shahab Karmely is joining a group of real estate players banking on a comeback for Lincoln Road.
Karmely’s New York-based KAR Properties bought the retail building at 910 Lincoln Road in Miami Beach, which is leased to British fashion brand AllSaints, for $15 million, according to records. Miami-based Torose Equities, led by Scott Sherman, sold the building after purchasing it at a discount two years ago.
Torose paid $10.4 million for the property in 2024, a bargain at 34.2 percent less than its 2010 purchase price.
The two-story storefront spans 8,600 square feet and was built in 1928, with additions and renovations in the 1990s and early 2000s, according to property records.
KAR has steadily expanded in South Florida, though so far it’s largely focused on luxury condos.
It completed the 38-story, 64-unit oceanfront 2000 Ocean tower at 2000 South Ocean Drive in Hallandale Beach in 2021.
Most recently, KAR partnered with Edgardo Defortuna’s Brickell-based Fortune International Group and Alan Faena on the 440-unit Faena Residences on the Miami River, a pair of 68-story branded condo towers connected by a 50,000-square-foot bridge with amenities.
Lincoln Road, designed in the 1960s by famous architect Morris Lapidus, has been one of South Florida’s most famous retail and dining promenades. At one point in the 2010s, rents were $150 per square foot to $300-plus a foot. The pedestrian street fell on harder times in more recent years, first due to the rise of new districts in Miami such as Wynwood and the Design District and then due to higher interest rates and the pandemic.
But some investors and brokers say a Lincoln Road comeback is in store. In November, Michael Comras, who heads his eponymously named Miami Beach-based real estate firm, paid $140 million for 11 storefronts with plans for major renovations.
This month, broker and investor Aaron Butler bought a vacant Lincoln Road lot for $8.4 million, with plans for a new building where hospitality group Noble 33 is expected to open its Mēdüzā Mediterranïa restaurant.
Lincoln Road’s fortunes haven’t entirely turned, with discounts still popping up.
In February, Torose and Michael Simkins bought the one-story building at 716-720 Lincoln Road for $11.7 million, a bargain price that was $23 million less than what it traded for in 2014.
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