DALLAS–(BUSINESS WIRE)–#industrialrealestate–ALTO Real Estate Funds has purchased a 7,142 SF high-street retail property located in one of the country’s premier retail high streets in Miami Beach, FL for $18.9 million.
900 and 904 Lincoln Road is situated at the center of Lincoln Road on the corner of Jefferson Avenue. The corner building underwent a complete renovation in 2015-2016 and has great curb appeal with restored façades, high ceilings and large glass storefronts. 900 Lincoln Road is leased to Aerie, the fast-growing underwear and activewear subsidiary of American Eagle Outfitter ($6.0B Market Cap).
The property is currently 60% occupied while the vacant store (40% of the property) is the “value add play”, which ALTO expects to lease by next year.
Lincoln Road is the pedestrian heart of Miami Beach and is considered one of the country’s premier retail high streets. Lincoln Road receives 11 million visitors a year, making it one of the most heavily trafficked destinations in Miami. The street is a one-mile road, located just minutes from the Miami Beach Convention Center, hotels, top restaurants, and beautiful beaches.
All major brands have a presence along the road including Nike’s only flagship store in Florida, the largest H&M and Zara stores in the southeast, and one of the busiest Apple stores. With over 800,000 SF of retail and restaurants space, its unique art-deco design, historical buildings, and amazing vibe, Lincoln Road is well positioned to continue to be the number one attraction in Miami for years to come.
Mody Kidon and Yaniv Melamud, ALTO founders: “ALTO estimates that rents in Lincoln Road are going to start climbing soon. Considering the high vaccination rate in the US., local as well as European and South American tourists are anticipated to return to Lincoln Road. Moreover, a $70 Million comprehensive renovation is scheduled to begin in the next couple of months, along with the relaunching of the Miami Beach Convention Center later this year. The center underwent a massive $750 Million renovation which greatly increased its capacity.”
ALTO has invested in 66 properties with a total value of $1.2 billion and a total area of 12 million SF. The Fund has made 29 exits to date. ALTO Real Estate Funds’ investment strategy focuses on investments in logistics properties and open-air shopping centers in 12 fast-growing markets in the US.
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