BH Properties Acquires 129,000-Square-Foot Retail Center in Miami’s South Beach
Los Angeles, CA (May 27, 2022) — Real estate investment firm BH Properties has acquired from Vornado Realty Trust, Lincoln Center a 129,360-square-foot retail property in the heart of Miami’s South Beach neighborhood.
Built in 1999, the four-story building is located on the western gateway of Lincoln Road Mall, a popular 10-block pedestrian-only shopping and entertainment high street that runs along Lincoln Road east to Miami’s famed Ocean Avenue.
Spanning nearly one city block, the property is anchored by an 18-screen Regal Cinema, the only movie theater in Miami Beach. Tenancy is made up of a mix of local and national retailers and restaurants including French clothier Zadig & Voltaire, fine art gallery Romero Britto, Ben & Jerry’s, Doraku Sushi and restaurant Wok to Walk. The property also includes an attached 291-space parking garage, one of the most highly utilized facilities serving Lincoln Road. The property was 74% leased at closing.
This is the first investment in Miami for BH Properties, which owns and manages approximately 10 million square feet of commercial and retail assets and 2,100 multifamily units throughout the United States. The firm’s Florida portfolio includes approximately 130,000-square-feet of retail space in Orlando and the leased fee interest in 298 multifamily units in Fort Myers.
“This is an iconic asset with an irreplaceable South Beach location,” said BH Properties President James Brooks. “The property has underperformed over the past two years as the pandemic has had a profound effect on the property, particularly the movie theater. But as the healthcare crisis normalizes, moviegoers are returning which is why Regal has extended its lease. As a long-term holder of real estate, we believe in the significant upside potential of Lincoln Center.”
According to Cushman & Wakefield, Miami is one of the top tourist destinations in the nation with Lincoln Road attracting more than 11 million visitors each year.
“The property benefits from numerous demand drivers including the intense pedestrian traffic along Lincoln Road, its proximity to the beach and Biscayne Bay, and the thousands of hotel rooms in South Beach,” added Brooks.
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