By Robert Demeter
Miami–CBRE has arranged the sale of The Lincoln, a 210,000 square-foot landmark mixed-use property located in Miami Beach. Clarion Partners acquired the asset on behalf of a commingled fund from HQ Capital Partners L.P. CBRE represented the seller. The selling price of the property was undisclosed.
The property hit the market in the third quarter of 2015, and was co-listed for sale by Christian Lee and Jose Lobon, of CBRE, along with Colliers International’s Stephen Rutchik and Jonathan Kingsley.
Built in 2003 on a 1.76-acre site, The Lincoln is a six-story, mid-rise building featuring 118,658 square feet of Class A office space, 43,166 square feet of street level retail and a 709-space multi-level parking structure. The property is currently 94 percent leased to eight retailers and 31 office tenants. Office tenants range from Morgan Stanley to advertising firm OnBoard Media. Retailers at The Lincoln include Pottery Barn, Williams Sonoma, and Bang & Olufsen among others. The property is currently managed and leased by Colliers International.
The Lincoln is located at 1691 Michigan Avenue, nearby Lincoln Road, which features 72 premier restaurants and 272 retailers.
“The Lincoln benefits from a combined retail and office character, since Lincoln Road competes with the highest profile retail locations in the world, from New York’s Fifth Avenue to the Champs-Elysées in Paris, and Miami as a whole is expected to see office rents grow by nearly a third over the next five years. With a scarcity of vacant land and many existing Miami Beach properties protected by historic preservation regulations, available properties such as this are even more rare and valuable,” said Christian Lee, vice chairman of CBRE Capital Markets.
CBRE’s José Lobón and Andrew Chilgren, together with Charles Foschini and Christopher Apone of CBRE Debt and Structured Finance, and Rutchik and Kingsley of Colliers, collaborated with Lee in representing the seller.
Photo courtesy of Colliers International.