Lincoln Rd road block between Lenox Ave and Michigan Ave was sold for $370 million to an Spanish billionaire. The entire block consists of 48,000 square fe
et of land and about 75,000 square feet of building and is occupied by the Apple Store, Gap, Athleta, intermix and soon home to the Nike store.
The Miami Beach block sale is the second recorded in Miami’s history after the biggest sale was recorded 7 years ago when 50% stake at The Fontainebleau was sold for $375 million. However; this property was the biggest sale in Lincoln Rd passing last years’ record on Lincoln Rd when a property portfolio sold for $342 million.
Lincoln Rd 1001 to 1035 was bought on 1999 for $12 million. After 16 years the property sold for 31 times more its paid value. Miami real estate is clearly aggressively changing and growing more that what everyone can imagine.
Miami was ranked this year on place 20th of the most visited cities in the world with more than 6.2million international visits a year. Miami’s sunny beach days, economic growth, hospitality market and new construction of condos are the center of attention around the world and all these ingredients combined are making Miami the greatest city to invest.
If an investor can sold his property for more than 30 times the price he paid in less than 15 years so can any other investor. Miami Real estate market is full of opportunities and it is becoming every day a hot market and evidently everybody loves Miami.