Spanish billionaire buys stretch of Miami Beach's Lincoln Road for $370 million - Miami Herald
A company linked to Spanish billionaire and fashion mogul Amancio Ortega paid $370 million for an entire block of Lincoln Road this week, the second largest real-estate deal in Miami-Dade County history. The sellers were South Florida real estate investors and developers Jonathan Fryd and Michael Comras, who assembled the properties between 1001 Lincoln Rd. and 1035 Lincoln Rd. for about $12 million in 1999 and 2000. “We’ve invested in these... “We’ve created a tremendous amount of value and now is a perfect time to sell for us. ”. The deal includes about 48,000 square feet of land and — once the new Nike is finished — about 75,000 square feet of buildings, Fryd said. Lincoln Road’s heady rents, now above $300 per square foot, justify the massive deal, Comras said. Earlier this summer, New York investor David Edelstein paid about $6,500 per square foot for two buildings at 918 and 920 Lincoln Road. He recently opened a Zara location on Lincoln Road and partnered with Ugo Colombo in 2009 to develop the Epic Residences & Hotel downtown. The company that paid $370 million for the Lincoln Road block is listed on county property records as Playa Retail Investments. Source: www.miamiherald.com
