MIAMI-Parkway Properties reports it has entered into a purchase and sale agreement to acquire Lincoln Place, a 140,000-square-foot office and retail property in South Beach for approximately $66 million.

The Orlando-based company said the office space totaling approximately 111,000 square feet is fully leased to LNR Corp. The building also includes approximately 29,0000 square feet of ground level retail space and a more than 500-space parking garage, according to the South Florida Business Journal. The building at 1601 Washington Ave. is currently owned by 16th Street Partners, which is managed by LNR.

"We are excited for the opportunity to expand into the South Florida area,” Parkway Properties President and CEO James Heistand states. “We believe this market is in the early stages of a recovery and has the potential to improve quickly given the diversity and vibrancy of its economy.” See story in the South Florida Business Journal.