Miami Beach Retail Property Listed for $100 Million Following Lease Extension
What happened
TriCap has placed its three-story retail building at 800 Lincoln Road in Miami Beach on the market with an asking price of $100 million. The property, which features high-performing retailers, recently saw Lululemon sign a five-year lease extension. Additionally, Mila, a restaurant in the building, contributes to TriCap's revenue through percentage rent arrangements.
Why it matters
The $100 million asking price represents a 12.5 percent premium over the price TriCap paid when it acquired the building in 2015. The activity, including the lease extension and the presence of high-grossing tenants, reflects accelerating deal activity along the corridor in Miami Beach.
Who's involved
- Miami BeachLocation of the commercial real estate transaction
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- FloridaSpeculative
The commercial real estate transaction and high-value tenant activity might boost investor confidence and market prices.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Miami Beach property surge may boost Miami-Dade County's tax baseMiami Beach property surge may boost Miami-Dade County's tax basePossible
- Strong Miami Beach market could boost Whole Foods Market's expansionRobust Miami Beach market may support Whole Foods Market's expansion plans.Possible
- Miami Beach property boom may drive up costs for Balfour BeattyMiami Beach property boom may drive up costs for Balfour BeattyPossible
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The entities involved
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Miami Beach
city in Miami-Dade County, Florida, United States