1. Entire block of Lincoln Road sells for $370M to Spanish billionaire [September] Lincoln Road made national headlines in September when an entire block of the retail destination sold for $370 million – one of the largest real estate deals in Miami-Dade history. The new owner is the world’s fourth richest person, a Spanish fashion billionaire whose empire includes Zara: Amancio Ortega. A partnership led by local commercial real estate investors and developers Michael Comras and Jonathan Fryd sold the properties that run from 1001 Lincoln Road through 1035 Lincoln Road, now home to newly built stores for Gap, Intermix, Athleta, Apple and the future location for Nike – which will be built at the former site of Pottery Barn and Williams-Sonoma. The investors assembled the properties in 1999, paying a total of about $12 million. They then started to lease space to national retailers, helping to spearhead the transformation of the pedestrian promenade, where rents have now skyrocketed to about $300 per square foot. Forbes currently ranks Ortega, a 79-year-old self-made billionaire, as the world’s fourth richest person, pegging his wealth at $70.2 billion.
Katherine Kallergis, The Real Deal
Read more here: therealdeal.com/miami/
