Florida pops up on investors’ radar
Property investors have been soaking up the rays in the Sunshine State.
In one recent transaction, a Spanish firm acquired an entire retail block in the Miami area. A partnership led by local commercial real estate investor and developer Comras Co. and Fryd Properties sold a retail block in Miami Beach to Ponte Gadea Group for $370 million. The properties run from 1001 Lincoln Road through 1035 Lincoln Road. The Lincoln Road Flagship Block consists of 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. Lincoln Road has emerged as one of the premier shopping districts in the country, often compared with New York City’s Fifth Avenue, Rodeo Drive in Beverly Hills and Chicago’s Magnificent Mile.
In a separate deal, Comras Co. was part of a venture that acquired a 515,000-square-foot mall in Miami. The Shops at Sunset Place retail property was purchased by Federa