Entire retail block in Miami Beach sells for $370m
The world’s fourth richest person, whose empire includes Zara, has purchased an entire block of Miami Beach’s Lincoln Road for $370 million.
A partnership led by local commercial real estate investor and developer Comras Co. and Fryd Properties sold the properties that run from 1001 Lincoln Road through 1035 Lincoln Road to Ponte Gadea, owned by Amancio Ortega.
HFF marketed the property on behalf of the seller.
The Lincoln Road Flagship Block consists of global flagship retail stores for Gap, Apple, Capital One and Nike. The improved area totals 74,537 square feet with the potential to develop an additional 57,328 square feet.
According to HFF, the sale is the second largest ever in Miami-Dade County and the highest value retail property sale in Florida. The deal tops the largest sale previously on Lincoln Road, a six-property portfolio sold by Acadia Realty Trust and Terranova Corp. for $342 million in 2014.