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Vivian Dimond, partners acquire Ross-anchored building on Lincoln Road from lender Buyer financed acquisition with $20M loan from FirstBank
TheRealDeal
April 06, 2022 03:32 PM
By Katherine Kallergis
Developer Vivian Dimond and her partners acquired a retail building on Lincoln Road from the property’s lender for about $30 million.
Synovus Bank sold the note at an undisclosed discount to the Dimond’s 230 Lincoln MB Title LLC, she said. Her company also obtained the deed to the property at 230 Lincoln Road and financed the purchase with a $19.6 million mortgage from FirstBank Florida.
The Dimond-led entity bought the $30.6 million note for about $28 million, and paid closing costs, property taxes and other fees, said Jeff Cohen of Brown Harris Stevens, who works with Dimond.
The building is anchored by Ross Dress For Less, which occupies about 60 percent of the building. Ross has about six years left on its lease with four five-year extension options, Cohen said. It’s Ross’ second top performing store in the country, Cohen added.
Ross’ lease generates about $1.4 million in revenue a year, according to marketing materials. The 30,000-square-foot store is on the second and third floors of the building.
The building’s remaining spaces, a 12,000-square-foot retail box on the ground floor and a restaurant shell on the top floor, are available for lease. Diamond said she is in talks with prospective tenants to lease both spaces. The fourth-floor space has 9,400 square feet of indoor dining and about 6,000 square feet of outdoor dining space, but it is a shell that would need to be permitted for a restaurant.
A company led by Bijoux Terner founder Salomon Terner and a company led by investor Simon Karam developed the 51,500-square-foot building on a half-acre lot. It was completed in 2017, according to the property appraiser. It went to auction last year with a starting bid of $12.5 million, according to RE Miami Beach.
No open lawsuits are tied to the property, and Miami-Dade County lists the seller as the Terner and Karam entities. Diamond said the deal closed on March 31. She declined to name her investors, but said it is the same group that invested in a Hollywood apartment development she sold in December, as well as the same group that is buying units at the Bay Park condo tower in Miami’s Edgewater neighborhood.
“[Dimond] was very, very aggressive in her terms and conditions. No one was aggressive enough to come in like she did,” Cohen said regarding the Ross property sale. “We just feel Lincoln Road is making a turnaround. Covid is behind us.”
Lincoln Road, known for its high rents and national operators, has started to see new tenants ink leases and open stores, exhibits and restaurants on the street, following a spate of closures.
Last month, Lighthouse Immersive, which operates the Van Gogh Immersive Exhibit, inked a long-term 23,000-square-foot lease at 420 Lincoln Road, a property owned by Paul Cejas’ PLC Investments. The Cheesecake Factory also signed a 20-year lease, with renewal options, for the 7,000-square-foot corner space at 600 Lincoln Road.
During the pandemic, Showfields, a popular New York City retailer, leased a two-floor, 14,300-square-foot space at 530 Lincoln Road with an indoor/outdoor food and beverage concept, a speakeasy bar, theater, tattoo parlor, piercing stations and more.
