MIAMI—New York investor Thor Equities is expanding its presence on South Beach’s Lincoln Road. Thor’s move comes at the heels of one of the largest retail acquisition of 2012, which was also on Lincoln Road.
Thor Equities purchased 663, 665, and 667 Lincoln Road. The three storefront locations are located at the center of the pedestrian-only landscape, making them prime targets for high-end fashion retailers looking to tap into an established retail high street.
“Lincoln Road is the hottest retail street in all of Miami and is among the busiest corridors in the world,” says Joseph Sitt, CEO of Thor Equities. “The alameda is perfectly positioned between the Atlantic Ocean and Biscayne Bay, offering consumers from around the world the most idyllic back drop to their shopping and dining experiences in Miami’s trendiest district.”
With the three new properties, Thor adds 5,000 square feet of Lincoln Road retail space to its portfolio. The company now owns 16,000 square feet of retail space in Miami Beach, including the nearby 852 Collins Avenue.
Lincoln Road has received international acclaim recently with the opening of H&M on Pennsylvania and Lincoln Road. This coupled with the New World Symphony world class entertainment venue, and the just opened Forever 21 store, has kept the eyes of world class retailers sharply focused on Lincoln Road.
In December, affiliates of Terranova Corporation and Acadia Realty Trust bought a three-building retail portfolio on Miami Beach’s Lincoln Road for $139 million. The buildings are located at 801, 826, and 719 Lincoln Road, home to Fossil, Dylan’s Candy, and Kiehl’s.