HFF Arranges $370M Sale of Retail Block on Lincoln Road in Miami Beach
MIAMI BEACH, FLA. — HFF has arranged the $370 million sale of a 1.1-acre contiguous city block along Lincoln Road in Miami Beach, an island between Biscayne Bay and the Atlantic Ocean.
HFF marketed the property on behalf of the seller, a partnership between Jonathan Fryd and Michael Comras. The buyer was Spanish billionaire Amancio Ortega, according to the Miami Herald. Ortega owns global fashion giant Zara. The sale is the second largest ever in Miami-Dade County and the highest value retail property sale in Florida, according to the paper.
Lincoln Road has emerged as one of the premier shopping districts in the country, often compared with New York’s Fifth Avenue, Rodeo Drive in Beverly Hills and Chicago’s Magnificent Mile. Lincoln Road is a top tourist attraction in Miami and receives more than 6 million visitors annually. The Lincoln Road Flagship Block consists of flagship retail stores for Gap, Apple, Capital One and Nike. The total developed area totals 74,537 square feet, with the potential to develop an additional 57,328 square feet.
Manny de Zárraga, Daniel Finkle and Luis Castillo led the HFF capital markets team representing the seller.
Fryd Properties is a management and development firm in Miami Beach. The company manages a portfolio of real estate in cities throughout South Florida and New Jersey.
Comras Company of Florida Inc. is a South Florida leasing, investment and development company. The firm specializes in urban and suburban markets throughout Miami-Dade, Broward and Palm Beach counties.
— Haisten Willis