MIAMI—The recent $342 million sale of a six-building portfolio in Miami Beach’s Lincoln Road marked one of the largest real estate deals in Miami’s history. Even more interesting was the fact that the seller, a joint venture between Terranova Corp. and Acadia Realty Trust had acquired the buildings for $191 million less than three years ago, between February 2011 and December 2012. This transaction highlights the rapid evolution of the pedestrian mall, which has drastically transformed itself since the recession.

Adam Lustig, a partner in Miami-based Bilzin Sumberg, has been involved in some of the recent real estate deals that have led Lincoln Road property values to new heights. Lustig focuses his practice on complex commercial real estate transactions, including retail and office buildings, shopping centers, raw land, condominiums and hotels, for domestic and international clients. caught up with Lustig to discuss the evolution of market values on Lincoln Road and more in part one of this exclusive interview.

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