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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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Every year the city of Miami plays host to countless internationally celebrated events such as the Sony Ericsson Open, South Beach Wine & Food Festival, Art Basel, and, of course, the NBA Finals. Add the fact that Miami International Airport and the Port of Miami are two of the busiest ports of entry in the world and you get this result: a city with over 38 million visitors on an annual basis. Alone, tourist spending in Miami accounts for $17.1 billion. It’s no surprise that retailers have responded by making Miami a destination of their own.

This winter, Spanish clothing retailer Zara is preparing to open a flagship 26,000 square foot store. The space they’ve chosen for this chic apparel-filled monstrosity? The corner of Washington Avenue and Lincoln Road, otherwise known as 420 Lincoln Road. The former site of Carl Fisher’s Lincoln Hotel, the building was constructed in 1940 and designed by architect Albert Anis.

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Rendering of 420 Lincoln Road Zara

The site is likely to be a cornerstone on Lincoln Road, a nationally recognized pedestrian mall. Zara isn’t just taking a stab in the dark, either; they’re very familiar with South Beach. Their Collins Avenue location, a mile away from 420 Lincoln Road, assuredly inspired the opening of the flagship store.

However, Zara, though fashionably elite, is far from setting the trend this time. They are following in the footsteps of others who have also recently decided to open flagship stores in the area. Just last November, Swedish retailer H&M had their 1,000 guest grand opening for a 24,000 square foot location on Lincoln Road. The event was so grand that it even featured a live performance from Flo Rida, who was feeling the signature Miami humidity so much that he decided to take off his shirt during his last song.

Lincoln Road also recently welcomed Forever 21 to their family. The Los Angeles-based retailer took the cake, opening the largest store in the pedestrian mall at 39,000 square feet. All together, in just over a year, Lincoln Road has added nearly 90,000 square feet of flagship retail space. These are the achievements of just three stores on one major pedestrian mall in Miami.

The city has proven to be as much of a destination for retailers searching for new flagship space as it is to the millions of tourist who come from all over the world. Along with Lincoln Road, there has also been a major expansion in Dadeland Mall and another H&M grand opening in Aventura Mall. The future for retailers and, as a result, for shoppers in Miami is extremely bright.