Largest Commercial Transaction in Florida, Right here on Lincoln Road

Real Estate Blog Article

Wednesday, December 19, 2012
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Terranova and Arcadia, who already own the 17th St Garage and three blocks on Lincoln Lane, have now acquired 3 more blocks of prime real estate on Lincoln Road and have set the record for the largest transaction in 2012. Terranova and Arcadia purchased 801, 826, and 719 blocks on Lincoln Road for $139 million in cash. Tenants already in these locations include Spris, Steve Madden, Dylan’s Candy Bar, Score, Fossil, and Kiehl’s, and Terranova brings with them Armani Jeans, Khong River House, and the new Muse Café. This transaction is second to the Vornado Realty trust deal of $132 million for the 1100 block of Lincoln Road which includes Juicy Couture, Nespresso, Juvia, Regal Cinema, and Anthropologie. Terranova and Arcadia purchased 3 blocks earlier this year and now are owners of over 120,000 square feet of Lincoln Road, making them the largest owners.
The rents are sky rocketing on Lincoln Road for retail space and many attribute it to the national chains that are willing to pay top dollar for a piece of what has become one of 5 of the top shopping streets in the US. Retailers on Lincoln Road pay as much as $1,000-$2,000 per square foot in rent each month. Chairman of Terranova, Stephen Bittel released this statement regarding the future of Lincoln Road, “We have a real concentration of real estate in a tight geographic area. The challenge of owning and operating on Lincoln Road, is that it’s the easiest thing to say yes to every national tenant that wants to go there. If you do that it becomes a mall. We want to bring in a mix of unique retailers and restaurants.” Rest assured though it is one of the most expensive roads in the US, the developers want to retain the charm that we residents love. Great news for South Florida Real Estate.
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