Transactions - JULY 6, 2017

CBRE Global Investors JV acquires iconic upscale mixed-use property in Miami Beach for BVK account

by Andrea Waitrovich

CBRE Global Investors and German investment company Universal-Investment have acquired 1111 Lincoln, a 146,327-square-foot mixed-use property in Miami Beach, Fla.

“1111 Lincoln is one of the most-recognized, best-located commercial properties in Miami Beach in one of the top retail districts in the country,” said Stuart Sziklas, managing director for CBRE Global Investors-Americas. “This represents experiential retail at its best. 1111 Lincoln is well-suited to a changing retail environment, and we look forward to working to enhance it further through our active asset management approach and our international platform.”

The acquisition was made for the account of an investment fund established for Bayerische Versorgungskammer, one of Germany’s largest institutional investors.

The property comprises 94,488 square feet of office space, 51,839 square feet of retail space, and a 300-space parking garage/event space.

“Miami continues to be a top U.S. population and job growth market and an established ‘gateway’ city with good long-term growth prospects,” said Alexander Tannenbaum, managing director at Universal-Investment in charge of the real estate division. “The densely populated Miami Beach is a popular tourist destination that has provided retailers with robust year-round demand. This market is expected to be further enhanced when the nearby Miami Beach Convention Center redevelopment and expansion is completed later this year.”

Miami has retailers poised to capitalize on increased consumer spending, driving tenant expansions and bringing greater retail development down the pipeline, according to Marcus & Millichap. Completions this year will reach the highest level since 2008, led by the delivery of several large shopping centers, including Miami Worldcenter and CityPlace Doral, which are enhancing the county with large mixed-use properties. Over the past three years, the addition of more than 3.1 million square feet of retail space has driven asking rents to new heights as the vacancy rate pushed down each year.

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