Former Burdines’ Flagship Store Fetches Nearly $5,000 PSF

Oct 22, 2014 No Comments by

The ArtCenter South Florida building at 800 Lincoln Road sold Tuesday to South Beach TriStar 800 for $88 million.

South Beach TriStar 800 is co-managed by TriStar Capital and RFR Holdings, which joint owns the W South Beach hotel, among other properties.

Robert Kaplan, a principal at Ackman-Ziff Real Estate, who represented both sides, said the 17,642-square-foot former Burdines’ flagship store is expected to be used as retail, entertainment and beverage space.

 

“The historical significance of this particular building, which originally opened as a Burdines’ flagship department store in 1938, was a major consideration in our purchase as we look toward the future of Miami Beach’s retail scene,’’ David Edelstein, TriStar’s president, said in a statement.

 

The ArtCenter, a nonprofit that provides artists with resources and promotes the arts, plans to remain at its 924 Lincoln Road location. Maria Delvalle, executive director of ArtCenter, said future plans call for a new facility and enhanced arts programming.

 

Source:  Miami Herald

 

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Industry News, Miami-Dade County Retail, NA, Retail
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