RKF, in conjunction with The Ackman-Ziff Real Estate Group, has completed the $139 million sale of a 53,260 s/f primarily retail portfolio in South Beach.
RKF and Ziff represented the seller, South Beach Tristar Capital LLC. A joint venture consisting of Terranova Corporation and Acadia Realty Trust acquired the portfolio in an all-cash deal.
The portfolio consists of properties on Lincoln Road in the heart of Miami’s South Beach district. Current tenants in the fully-occupied portfolio include Aldo, Solstice, Score, Tiramesu, Spris, Fossil, Kiehl’s, SOBE, Steve Madden and the new Dylan’s Candy Bar, among others.
Lincoln Road Mall is an open-air pedestrian esplanade that ranks among the leading retail corridors in the world and is Miami’s top tourist destination.
“When we acquired this portfolio in ’98 we were considered pioneers, but we saw this as an emerging market and had the vision that Lincoln Road could become one of the great shopping streets in the country alongside Madison Avenue, Michigan Avenue and Rodeo Drive,” said David Edelstein, president of Tristar Capital.
“The time has come to execute our disposition strategy and to deploy our assets into new emerging markets.”
Tristar originally acquired the portfolio for $15.75 million in 1998.
At the time, the $295 s/f purchase price was believed to be record-setting and a sign that Lincoln Road was on the cusp of a major evolution.