Comras Co. paid a combined $130.8 million for five retail properties on Miami Beach’s famed Lincoln Road, a massive discount from their last trade, according to deeds filed in county records.
Miami Beach-based Comras Co., led by Michael Comras, announced on Nov. 19 that it acquired the five buildings along the Lincoln Road pedestrian mall and planned to renovate them. However, it didn’t disclose the price.
The five deeds recently filed in county records showed the properties traded for a combined $130.8 million. They last sold for a combined $342 million in 2014, so that appears to be a huge decline in value.
The sellers were PPF MBL Portfolio LLC, PPF LRIII Portfolio LLC, and PPF 723 Lincoln Lane LLC, a partnership between New York-based Morgan Stanley Real Estate Advisor and Miami Beach-based Terranova Corp. The buyers were Comras affiliates MAC 801 LR LLC, MAC 719 LR LLC, MAC 600 LR LLC, MAC 741 LR LLC and MAC 723 LL LLC.
Acore Capital Mortgage provided a $81.77 million loan to the buyer, according to county records.
Located at 801, 721-737, 604-612, and 741 Lincoln Road, plus 723 Lincoln Lane, the property consists of 155,211 square feet of commercial space on 2.03 acres.
600 Lincoln Road is currently occupied by a Cheesecake Factory restaurant, while 723 N. Lincoln Lane is home to The Lincoln Eatery, a 9,600-square foot food hall featuring more than a dozen vendors. Most of the other retail spaces are vacant.
“By putting all these [properties] together, it gives me the critical mass,” Comras Co. President and CEO Michael Comras told the Business Journal. “The goal is to put together…40 like-minded retailers, cafes and lifestyle uses, creating a micro-village at the heart of Lincoln Road, where I’ll be able to curate and merchandise it effectively.”
The NoLi project will see the construction of a covered walkway through the 719 Lincoln Road building, connecting Lincoln Road with North Lincoln Lane, which currently functions as a service alley for storefronts on the northern side of Lincoln Road.
New landscaping and expanded sidewalks to allow for outdoor seating along North Lincoln Lane, which would require approval from the Miami Beach City Commission, would turn that section of the alley into a plaza-like space.
Finally, the properties’ floorplans would be reconfigured so that some spaces would front the new walkway, allowing for retail layouts starting at 400 square feet, significantly smaller than most options on Lincoln Road. That would help address one of Lincoln Road’s biggest hurdles for tenants, according to Comras.
“One of the challenges that Lincoln Road faces is that the lots are very [narrow and] deep, which is the worst configuration for a retailer or for a restaurant. Nobody wants to have a little storefront [with] big, deep space,” he said.
Lincoln Road has struggled to recover from the COVID-19 pandemic, which caused a sharp decline in foot traffic. That prolonged downturn, combined with high rents, has led to many closures in recent years.
But Comras is bullish on Lincoln Road’s future, arguing there are few options left in South Florida’s other main shopping districts.
Comras said he expects to complete the renovations and street improvements needed to bring the NoLi project online by the first quarter of 2027.
Brian Bandell and Mark Dovich, South Florida Business Journal
Read more here: SouthFloridaBusinessJournal.com
