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HFF Closes $370 Million Sale of Flagship Retail Block on Lincoln Road in Miami Beach

Sep. 29, 2015

MIAMI, Sep 29, 2015 (BUSINESS WIRE) -- Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $370 million sale of a 1.1-acre contiguous city block along Lincoln Road in Miami Beach, Florida.

According to HFF, the sale is the second largest ever in Miami-Dade County and the highest value retail property sale in Florida.

HFF marketed the property on behalf of the seller, a partnership between Jonathan Fryd and Michael Comras. The buyer was a private family office.

Lincoln Road has emerged as one of the premier shopping districts in the country, often compared with New York’s Fifth Avenue, Rodeo Drive in Beverly Hills and Chicago’s Magnificent Mile. Lincoln Road is the top tourist attraction in Miami and receives more than six million visitors annually. The Lincoln Road Flagship Block consists of global flagship retail stores for Gap, Apple, Capital One and Nike. The total improved area totals 74,537 square feet with the potential to develop an additional 57,328 square feet over time.

The HFF capital markets team representing the seller was led by executive managing director Manny de Zárraga, senior managing director Daniel Finkle and managing director Luis Castillo.

Read more at Marketwatch.com.