MIAMI-Another South Beach retail asset is up for sale. Comras Company just listed 530 Lincoln Road, a free-standing building that will be redeveloped to span 14,000 square feet over two floors.

“It is an older historic, architecturally significant structure that is in need of a complete restoration,” Michael Comras, president of Comras Company, tells GlobeSt.com. “During the restoration, the building would be expanded to accommodate a major contemporary retailer for a flagship store.”

Lincoln Road is South Beach's outdoor pedestrian shopping destination and home to many of the world’s most recognizable brands. The 530 Lincoln Road building has received its Historic Preservation Board approvals for a minimalist glass enclosure over the courtyard.

530 Lincoln Road sits between Drexel and Pennsylvania Avenues in Miami Beach and has plenty of frontage. Based on what has been trading in South Beach, this deal is a rare opportunity for a single user flagship retail store. But it is also suitable for dividing into several spaces for multiple tenants.

The Lincoln Road retail asset is available for lease or purchase. Comras says his team will analyze which direction is ultimately in the best interest of the owner as prospects make their bids.

“We have received a tremendous amount of interest from both tenants and investors alike,” Comras says. “Lincoln Road is one of the hottest streets in the country, with many investors and retailers seeking to enter the market. There is just no other opportunity on the ‘Road’ that offers single tenant identity in a free-standing building for sale or lease at this time.”

Comras is seeing plenty of activity on Lincoln Road these days, particularly from REITs. The market stability and tenant demand is peeking their interest.

Most recently, Vornado acquired the 1100 Lincoln Road project, which includes Regal Cinema's, Banana Republic, and Anthropologie at a price in excess of $130 million. On the tenant-development side, Comras is just finishing the new 39,000-square-foot Forever21, which was formally occupied by Saks Fifth Avenue in the 1930s.

“We recently received approval from the Historic Preservation Board to raise a one story building on Lincoln Road, in order to build a new 30,000 square foot building, which will be primarily occupied by the GAP,” Comras says. “How much rumbling is going on? After the above, you tell me.”