MIAMI—Another Lincoln Road retail property has changed hands. ASB Real Estate Investments just acquired 605 Lincoln Road for $22.5 million.
The 8,550-square-foot, high-street retail property includes three street-level retail suites in an office building in the heart of the Miami Beach's Art Deco District. ASB's Allegiance Real Estate Fund bought the retail asset from Omnispective Management Corporation of New York.
"The 605 Lincoln purchase builds on ASB's recent retail acquisitions in Manhattan, Washington, D.C., and Los Angeles as the company looks to diversify its Allegiance Fund portfolio with holdings in the nation's best urban infill retail markets,” says Robert Bellinger, president and CEO of ASB Real Estate Investments. 605 Lincoln is only a block from the New World Symphony complex and next to the newly renovated H&M flagship store.
The retail suites are 100% leased in a historic structure at a corner location. Tenants include Starbucks, Oakley, and Journeys.
ASB's Allegiance Fund is a $2.5 billion core, open-end real estate vehicle investing in markets with strong real estate fundamentals and in assets that have unique, competitive advantages to drive long-term tenant demand. Lincoln Road fits that bill.
As for Lincoln Road, it has seen plenty of activity in recent months. In January, Thor Equities snapped up three new Lincoln Road properties. And Tristar exited Lincoln Road, giving up its retail properties to another strategic buyer. Terranova and Arcadia become the largest pure retail owners on Lincoln Road in December when they snapped up a $139 million portfolio, the largest of 2012.
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