Leasehold interest in The Lincoln sold to Clarion Partners
Miami, FL – April 18, 2016 – CBRE arranged the sale of the leasehold interest in The Lincoln, a landmark mixed-use property that is just steps from the famed Lincoln Road in Miami Beach, Florida. The asset features 43,166 sq. ft. of street level retail, 118,658 sq. ft. of Class A office space, and a 709-space parking structure. Clarion Partners acquired the property on behalf of a commingled fund and CBRE represented the seller, HQ Capital Partners L.P.
“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,” said Christian Lee, Vice Chairman, CBRE Capital Markets. “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.”
Constructed in 2003, The Lincoln is a five-story building that is 94% leased to eight retailers and 31 office tenants. The property occupies a 1.76-acre site which is ground leased from the City of Miami Beach.
Office tenants range from Morgan Stanley to the advertising firm OnBoard Media. Retailers at The Lincoln include Pottery Barn, Williams Sonoma, and Bang & Olufsen. Nearby Lincoln Road features 72 premier restaurants and 272 retailers, with leases executed at rents nearing $400 per sq. ft. (NNN).
CBRE’s José A. Lobón and Andrew Chilgren, together with Charles Foschini and Christopher Apone of CBRE Debt and Structured Finance, and Stephen Rutchik and Jonathan Kingsley of Colliers, collaborated with Mr. Lee in representing the seller.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Clarion Partners Clarion Partners, an SEC registered investment adviser and FINRA member firm, has been a leading U.S. real estate investment manager for 34 years. Headquartered in New York, the firm has offices in Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle and Washington, DC. With more than $40 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 250 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.