New Yorkers Grab Lincoln Road Retail
MIAMI – New York investors are taking a piece of Lincoln Road. Imperium Capital, a New York City-based real estate investment and development firm, and Centurion Realty, a New York City-based real estate investor, grabbed 643-657 Lincoln Road for $33 million.
Lincoln Road is an eight-block long pedestrian walkway between Washington Avenue and Alton Road in Miami Beach, filled with shops, restaurants, and cafes. It is a major destination for South Beach visitors. Planned in the 1920s by the legendary Carl Fisher, one of the early developers of Miami Beach, Lincoln Road, is one of America’s most fashionable shopping streets.
“We expect this to be the first of many prime properties that we will acquire in the Miami market in future years,” says Samuel Schneider, managing partner of Imperium. “Lincoln Road is known internationally as a fashion retail mecca and we look forward to our ownership of this strategic commercial property.”
The property at 643-657 Lincoln Road is a 10,000-square-foot building with four retail shops: French Connection; Runway Swimwear; Sushi Siam; Ricky’s Cosmetics. It is located between Pennsylvania and Euclid Avenue on the mall.
This is Imperium’s first Miami Beach acquisition. In the past several years, Imperium and Centurion have partnered on primer Manhattan retail acquisitions, including the SoHo Apple Store building at 103 Prince Street, 120 Prince Street, and the retail condominium at 465 Broadway. Imperium’s portfolio also includes other strategic commercial properties in the SoHo and Williamsburg neighborhoods.
“Lincoln Road will certainly continue to grow as a destination for major retailers and visitors alike, with its prime location in Miami’s popular South Beach neighborhood,” says Daniel Glaser, managing partner of Imperium. “We look forward to growing our presence in the Miami market in the years ahead.” Jay Goldman of USA Commercial was the broker representing the sellers in this transaction.