$370 million sale of flagship retail block on Lincoln Road in Miami Beach closed by HFF
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $370 million sale of a 1.1-acre contiguous city block along Lincoln Road in Miami Beach, Florida.
According to HFF, the sale is the second largest ever in Miami-Dade County and the highest value retail property sale in Florida.
HFF marketed the property on behalf of the seller, a partnership between Jonathan Fryd and Michael Comras. The buyer was a private family office.
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 the top tourist attraction in Miami and receives more than six million visitors annually. The Lincoln Road Flagship Block consists of global flagship retail stores for Gap, Apple, Capital One and Nike. The total improved area totals 74,537 square feet with the potential to develop an additional 57,328 square feet over time.
The HFF capital markets team representing the seller was led by executive managing director Manny de Zárraga, senior managing director Daniel Finkle and managing director Luis Castillo.
About Fryd Properties
Fryd Properties is one of the leading property management and development firms in Miami Beach, with more than 60 years of experience in the fields of construction, development, banking and property management. Fryd Properties manages a portfolio of real estate in cities throughout South Florida and New Jersey. For more information, visit www.frydproperties.com.
About Comras Company of Florida, Inc.
Comras Company of Florida, Inc. is South Florida’s leading retail leasing, investment and development company. The firm specializes in urban and suburban markets throughout Miami-Dade, Broward and Palm Beach Counties. The company’s services include tenant representation, strategic planning, site identification, market analysis, lease negotiation, portfolio review, site acquisition and disposition. The company was founded by Michael Comras in 1992 and is based in Miami Beach. In addition to brokerage services, Mr. Comras has developed and owns a portfolio of street oriented retail assets in Miami’s top markets. A sampling of these assets include flagship locations for Apple, Gap, Forever 21, BCBG, Sephora and 24 Hour Fitness in locations along Miami Beach's historic Lincoln Road, Collins Avenue's "Fashion District" and Coconut Grove. The company is extremely active in Miami’s emerging areas including the burgeoning Design District, Wynwood Arts District and Downtown Miami. For more information, visit www.comrascompany.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.