Affiliates of Terranova Corp. and Acadia Realty Trust have purchased a three-building portfolio on Lincoln Road in Miami Beach, Fla., for $139 million.
The three buildings contain 60,000 sq. ft. and are located at 801, 826 and 719 Lincoln Road. It’s not the first time the two firms have teamed up to buy property on the high-powered retail strip. In 2011, the firms paid $51.9 million to buy 741 and 600 Lincoln Road and 723 Lincoln Lane. Those three buildings contain 61,000 sq. ft. of retail space. Since acquiring those buildings the two firms have brought in the first U.S. Armani Jeans store and Khong River, an Asian themed restaurant.
Lincoln Road is an eight-block open-air pedestrian mall that features high-end restaurants, stores and bars.
“These properties have huge upside as lease rates roll up to market,” Terranova Chairman Stephen Bittel said in a statement. “We look forward to bringing the best retailers in the world to join the impressive collection already on Lincoln Road.”
The properties include Fossil, Dylan’s Candy and Kiehl’s.
According to Terranova, daily pedestrian traffic on the strip is more than 25,000 people and retailers regularly report fashion sales of more than $1,000 per sq. ft.