Polsinelli of Eastern Consolidated brokers $30 million sale of 530 Lincoln Road

Eastern Consolidated, one of the leading investment sales brokerage firms, has arranged the sale of 530 Lincoln Rd. for $30 million, which at $3,000 per s/f is a record price for Miami's South Beach retail market. Tristar Capital purchased the property from a local seller. "This was an incredibly rare opportunity for an investor to acquire a retail property with immediate upside along one of the country's premiere shopping destinations," said Adelaide Polsinelli, senior director with Eastern Consolidated and head of Eastern's retail sales group. Polsinelli, the sole broker on the deal, arranged this off-market transaction on behalf of the buyer and the seller. "Tristar is now perfectly positioned to create a dynamic, two-story, single-tenant flagship property or a multi-tenant destination. In order to be relevant in this market, retailers need to be on Lincoln Rd." "Eastern Consolidated did a tremendous job presenting us with a key property in one of the most exciting retail markets in the country," said David Edelstein, President of Tristar Capital, who is an active player in South Beach. "Even though Eastern Consolidated is based in New York, they have such a far reaching retail platform and are extremely well-informed across markets. Adelaide Polsinelli was the real architect of this deal. The South Beach retail market is such an incredible place to be as an owner and investor. We couldn't be happier with how this well-executed transaction came together." "Working with a professional like David Edelstein, who can execute and perform without a hitch, was tantamount to this deal getting done," said Yaniv Sananes, the seller. "There were no games. David obviously understands the current and potential future value of a shopping street like Lincoln Road. I believe there's still a lot of room for growth on this highly desirable street and that he will do very well here. David is a consummate deal maker and a true mensch." Eric Goldberg, Esq., of Olshan Grundman Frome Rosenzweig & Wolosky LLP, was the buyer's attorney in the transaction. Polsinelli also explained that 530 Lincoln Road currently has 10,000 square feet of rentable space in a market with escalating values. "There is such aggressive retailer demand along Lincoln Road that rents have doubled along that strip in just the last two years," she noted. The lack of available space in South Beach has also pushed retailers to think creatively. "More and more tenants are seeking out two-story retail buildings. The verticality concept — going vertical when horizontal isn't an option — is becoming an increasingly significant trend," said Polsinelli, who last year arranged the $13.5 million sale of 801 Washington, also in South Beach. "The sale of 530 Lincoln Road will further emphasize that verticality is valuable." Leasing of the retail space will be handled by Robert K. Futterman & Associates. Located between Drexel Avenue and Pennsylvania Avenue, 530 Lincoln Road is part of the Lincoln Road Mall, and across the street from the former Symphony Building at 541 Lincoln Road, which was recently leased to the European cloth­ing chain H&M for their flagship Miami Beach store. Other major retailers along Lincoln Road include Forever 21, H&M, Banana Republic, and The Gap.