MIAMI—The recent $342 million sale of a six-building portfolioin Miami Beach's Lincoln Road marked one of thelargest real estate deals in Miami's history. Even more interestingwas the fact that the seller, a joint venture betweenTerranova Corp. and Acadia RealtyTrust had acquired the buildings for $191 million lessthan three years ago, between February 2011 and December 2012. Thistransaction highlights the rapid evolution of the pedestrian mall,which has drastically transformed itself since the recession.

Adam Lustig, a partner in Miami-basedBilzin Sumberg, has been involved in some of therecent real estate deals that have led LincolnRoad property values to new heights. Lustig focuses hispractice on complex commercial real estate transactions, includingretail and office buildings, shopping centers, raw land,condominiums and hotels, for domestic and international clients.GlobeSt.com caught up with Lustig to discuss the evolution ofmarket values on Lincoln Road and more in part oneof this exclusive interview.

GlobeSt.com: What do you see in terms of theevolution of market values on Lincoln Road?