HFF Closes $132 Million Sale of Lincoln Center in Miami Beach
MIAMI--(BUSINESS WIRE)-- HFF announced today that it has closed the $132 million sale of Lincoln Center, a 127,000-square-foot high-street retail center located in Miami Beach, Florida.
HFF represented the seller, a joint venture between New York-based RFR Holding, LLC and Miami-based Greenstreet Real Estate Partners, LP.
Lincoln Center is located at 1100 Lincoln Road between Lenox Avenue and Alton Road at the entrance to Miami Beachs renowned pedestrian shopping mall. Built in 1999, the retail center is 96 percent leased and includes a 298-space structured parking garage. Anchored by an 18-screen Regal Cinema, other tenants include Banana Republic, Anthropologie and Serendipity 3.
The HFF team representing the seller was led by executive managing director Manuel de Zarraga, senior managing director Danny Finkle, director Luis Castillo and analyst Kim Flores.
Rarely does an opportunity present itself to acquire a large-scale trophy retail asset in a dynamic globally recognized market like Miami Beach, said Castillo. Its iconic award-winning design and irreplaceable position at the entrance to the Lincoln Road pedestrian mall will ensure Lincoln Centers long-term success and allow it to be at the forefront of the markets continued ascent.
RFR Holding, LLC is a Manhattan-based, privately controlled real estate investment, development and management company founded in 1991. RFRs diverse portfolio constitutes commercial assets, complemented by significant holdings and investments in residential, hotel and retail real estate.
Greenstreet Real Estate Partners, LP is an investment and asset management company operating throughout the United States. Greenstreet was established in 2000 to invest its principals capital and has acquired more than $1.5 billion in real estate assets since its inception. Additionally, Greenstreet provides asset management and development services to support Knowledge Learning Corporation, the nation's leading provider of early childhood education centers. Greenstreet currently owns approximately 800 centers, provides asset management services to nearly 1,700 centers and acquires land for the development of new centers.
Holliday Fenoglio Fowler, LP (HFF) and HFF Securities LP (HFFS) are owned by HFF, Inc. (HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, equity placement, loan sales, and commercial loan servicing. www.hfflp.com.
Daniel Finkle, (305) 448-1333
Senior Managing Director
Luis Castillo, (305) 448-1333
Olivia Hennessey, (713) 852-3500
Source: HFFCopyright Business Wire 2012