NGKF Capital Markets Closes $80 Million Sale of Lincoln Place in Miami’s Historic South Beach

Dec 27, 2016 No Comments by

NGKF Capital Markets announced the $80 million sale of Lincoln Place, a single tenant office headquarters located at 1601 Washington Avenue in South Beach.

NGKF Capital Markets’ Executive Managing Director Michael Lapointe, Managing Director Michael Lohmann, and tenant representative Associate Director Clay Sider, represented the buyer, NG 1601 Washington Ave, LLC. Chris Lee of CBRE represented the seller, Cousins Properties Inc., an Atlanta-based real estate investment trust, in the transaction.

 

“This transaction reflects the consistent demand for core assets within Miami Beach with long-term redevelopment value,” said Lapointe. “Over the past 18 months, our buyer was able to achieve an excellent value by working through this complex transaction including a ground lease with the City of Miami Beach.”

The eight-story, Class A building features over 110,000-square-feet of office space, 30,000-square-feet of retail space, 500-car parking garage and access to a hotel, shops and restaurants along Lincoln Road. The property is currently single-tenant leased to LNR Partners as part of a sale leaseback they completed in 2006.

 

 

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