MIAMI BEACH, FLA. — BH Properties, a private real estate investment firm based in Los Angeles, has purchased Lincoln Center, a 129,360-square-foot retail destination in Miami Beach.
Vornado Realty Trust sold the asset to BH Properties, marking the firm’s entry to the Miami market. The sales price was not disclosed, but South Florida Business Journal reported the property traded for $93.6 million.
Built in 1999, the four-story building is situated on a full city block in the South Beach neighborhood along Lincoln Road, which is Miami’s high-street retail corridor. An 18-screen Regal Cinema, the only movie theater in South Beach, anchors the property. Regal recently extended its lease, according to BH Properties.
The asset was 74 percent leased at the time of sale to tenants including French apparel retailer Zadig & Voltaire, fine art gallery Romero Britto, Ben & Jerry’s, Doraku Sushi and restaurant Wok to Walk. The property also includes an attached, 291-space parking garage.