Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of two retail properties on Lincoln Road in Miami Beach, Florida. The assets may be purchased together or separately. The price is open bid and there is a call for offers on November 28, 2018.
The properties are:
- 222 Lincoln Road: A vacant, 8,000-square-foot, two-story retail building on a 4,975-square-foot lot, 40 feet of frontage on Lincoln Road, with two 2,000-square-foot ground-floor bays and a second-floor office/retail space.
- 298 Lincoln Road: A 4,000-square-foot plot of land subject to a 99-year ground lease that expires in June 2044. The land lessee tenant pays an annual rent of $440,000 per year in a lump sum, in addition to all other building-related expenses. Land lessee subleases an 8,000-square-foot building on the land that has 40 feet of frontage on Lincoln Road.
“This offering is an extremely rare opportunity for an investor to control two highly visible trophy properties in South Beach’s renowned Lincoln Road shopping district,” said Drew A. Kristol, IPA senior director. “Empty for the first time in many years and not subject to a ground lease, 222 Lincoln Road will give a new owner the opportunity to lease out three spaces at market rates. The property at 298 Lincoln Road is an ideal zero-management asset that will allow new ownership to collect annual cash flow free of landlord responsibilities.”
Kristol, along with Kirk Olson, IPA senior director, are representing the seller, a local private investor.
The properties are located between Collins Avenue and Washington Avenue on either side of a newly renovated retail building anchored by Ross Dress For Less. The beach and high-end Collins Avenue hotel corridor are one block away. Neighboring retailers include CVS and many local and regional stores servicing the steady flow of tourists.
“Foot traffic in the immediate area is expected to increase even more over the coming years with the completion of the Miami Beach Convention Center renovation and the addition of multiple new hotels,” adds Olson.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.
