230 Lincoln Road – Ross Anchored Trophy Asset
- ±51,493 sf, four-story, high-street retail located on the eastern edge of Lincoln Road between Washington and Collins Avenues in the heart of South Beach
- Anchored by Ross Dress for Less (±60% GLA) with 6+ years remaining on the initial term, and four additional 5-year options with rental escalations every 5-years
- Value-add opportunity through strategic lease-up of over ±40% of the building, along with NOI growth through built-in rental escalations with Ross Dress for Less
- Designed by renowned Revuelta architects and completely redeveloped in 2017
- Surrounding developments include the recent $620 million renovation/expansion of the Miami Beach Convention center as well as a $67 million overhaul of the Lincoln Road corridor
CBRE and KARSON & CO, in partnership with RealINSIGHT Marketplace, are proud to offer 230 Lincoln Road, a Ross anchored trophy asset located in Miami Beach, FL (the ‘Property’ or ‘Offering’). The property, built in 2017, is comprised of a four-story, ±51,493-square-foot, urban high-street retail asset located in the heart of South Beach, directly along the world renowned Lincoln Road corridor. The Property presents an investor the perfect opportunity to acquire a cash flowing generational asset with a national credit tenant in place on a long term lease and tap into a dynamic trade area with various opportunities for significant upside.
The Property was the original home of the Carib Theater, which opened in 1950 and was a Miami Beach staple for 65 years. In 2015, it was demolished and renowned architect Luis Revuelta of Revuelta Architecture International provided a stunning redesign and transformed the property into the 4-story centerpiece on Lincoln Road that it is today. The redesigned property features an open foyer complete with a lush living wall, fully glass enclosed elevator with glass elevator shaft, dual escalators to 2nd and 3rd Floors, rooftop restaurant with outdoor lounge area and the most recognizable feature, a stunning wood accent wall running the entire height of the building which becomes 6 cantilevered beams covering the open air foyer. The beautifully modern design has translated into 230 Lincoln Road being one of the most widely recognized buildings in Miami Beach. The Property offers an unbeatable branding opportunity conveniently located between Collins and Washington Avenue with irreplaceable Lincoln Road frontage.
The Property is anchored by Ross Dress for Less, which occupies ±30,226 SF and spans the entire second and third floors. The first floor (ground level) retail space contains ±11,909 SF and is currently vacant along with the fourth floor roof-top, built for a restaurant and boasting ±9,358 SF of indoor seating space and providing an additional ±6,000 SF of outdoor seating space with amazing views of both Lincoln Road and Collins Avenue. This unique property is positioned in a world-class trophy location offering an unprecedented amount of value for investors with immediate value add via long term lease-up at market rates. This premier address makes it one of the most desirable and high-demand locations for tenants with the ability to achieve premium rental rates for the market.
230 Lincoln Road is positioned on a ±0.52 AC parcel located between Washington and Collins Avenues, on the south side of Lincoln Road, in the heart of South Beach. Lincoln Road is a mile-long retail corridor with a mix of nationally recognized and high-end retailers. This Lincoln Road asset is positioned in a trophy/flagship location for retailers in the heart of South Beach, just one block west of the high-end hotel corridor on Collins Avenue. The pedestrian friendly Lincoln Road District is considered one of the most prestigious retail corridors in the country with some of the highest volumes of foot traffic welcoming 11 million visitors in 2019. The site is surrounded by an abundance of hospitality, restaurants, and amenities as well as numerous condominium and high end residential developments. There are over 8,000 hotel rooms within a five minute walk of Lincoln Road and over 20,000 rooms servicing the greater Miami Beach. Additionally, the Convention Center Hotel has been recently approved and will be another key traffic driver for Lincoln Road.
Although tourism is the heartbeat of the local economy, the immediate area boasts strong residential demographics and a booming residential real estate market that is breaking records. Both during and post COVID-19, the Miami Beach housing market has been on fire, with heavy sales volume and a shortage of inventory. The Property’s location further benefits from strong demographics with a population of ±236,878 and an average household income of $95,718 within a 5-mile radius. This affluent demographic combined with the international influx of tourists and visitors will continue to create tremendous opportunities for the local economy, retailers and property investors.