Lincoln Road 318, Miami Beach, FL, 33139, US

318-334 Lincoln Road

Attributes

Building area net

2,254 m²

Occupancy

49.7%

Year built

1945

Land area gross

0 ha

Asset Description

Jones Lang Lasalle Americas, Inc. (“JLL”) is pleased to exclusively offer the opportunity to acquire 318-334 Lincoln Road, 24,259 square feet (115 feet of frontage) of high-street retail along Lincoln Road, South Beach’s premier lifestyle destination. The Property enjoys a gateway location on the 300 block of Lincoln Road, in the heart of South Beach’s oceanfront hotel district.

The Property is 49.7% leased to a tenant roster consisting of Mr. Jones Nightclub, South Beach Munchies Latin Cafe, and Sweet Life Gelato. There are immediate and significant revenue growth opportunities through the lease-up of three vacant suites totaling 12,198 square feet in the near-term, as well as in-place rents 25% below market in the near and long-term.

318-334 Lincoln Road represents the rare opportunity to acquire high-profile retail space with an opportunistic investment profile and redevelopment potential along South Beach’s world-renowned Lincoln Road.

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Investment Highlights

IRREPLACEABLE LINCOLN ROAD LOCATION - Located at the gateway of Lincoln Road, the premier street for internationally acclaimed retailers looking for maximum exposure to domestic and international buyers.
CREATIVE BLANK SLATE, VALUE-ADD OPPORTUNITY - At less than 50% occupied, 318-334 Lincoln Road provides the unique opportunity to curate tenancy and shape the direction of the 300 block of Lincoln Road.
3X NOI GROWTH OVER 3-YEARS - Immediate upside potential exists via lease up of 12,198 SF of available space and long-term mark-to-market opportunities of 25% below market in-place rents.
TENANT OPTIONALITY WITH POTENTIAL REDEVELOPMENT - The retail bays at 318-334 Lincoln Road range from 574 square feet to 10,094 square feet, offering flexibility for potential tenant needs. The property’s flexible zoning make it a candidate for redevelopment as well, with up to 47,347 SF currently permitted.
LINCOLN ROAD UPCOMING REVITALIZATION - The 100-300 block of Lincoln Road is expected to receive $12 million of beautification and infrastructure improvements as the owners of The Ritz Carlton and Sagamore, through a public-private partnership, have pledged to improve the road along with the approval of a new condo development.
ATTRACTIVE ACQUISITION BASIS - 318-334 Lincoln Road can be acquired significantly below replacement cost, which is a rarity for high profile, urban retail space.