With flagship retail popping up all over Lincoln Road, the pedestrian mall has never been more popular or, through the lens of real estate, more valuable. Until now, of course. This week, the record setting sale of 530 Lincoln Road gave us a glimpse into the area’s impressive future. The property was sold to Tristar Capital for $30 million.

South Beach, even with its luxurious retail market, has yet to see a deal like this. At 10,000 rentable square feet, the deal amounted to $3,000 per square foot. The building is an optimal site for redevelopment as the ground-floor is currently housing two short-term leases.

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530 Lincoln Road

The property, which was once owned by the family of The Miami Sound Machine’s own Gloria Estefan, was sold in 2010 to local business, Lincoln 530. Lincoln 530 purchased the building for $12 million and first began testing the market in March of 2012. At the time, they opened with an asking price of $28 million. The final sale ended up exceeding those grand expectations.

Tristar Capital is expected to request the city for permission to add 3,000 square feet to the building. Although, the property could easily be leased to multiple tenants, the opportunity exists for Tristar to take advantage of a recent Lincoln Road trend: two-story, single-tenant retail.

Recent notable retailers to open mega-stores on Lincoln Road include Forever 21, H&M, and Zara. In fact, 530 Lincoln is located directly across the street from the former Symphony Building that is now home to H&M’s flagship store. With the amount Tristar has invested in the property and the recent activity on Lincoln Road, expectations will be sky-high for 530 Lincoln.

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