Amancio Ortega Gaona, the founder of Zara and Inditex Group, has recently closed one of the massive real estate deals in Miami. The Zara owner purchased the entire North side block of Lincoln Road for $370 million.
According to the South Florida Business Journal, Ortega's company, the Playa Retail Investments, bought every property on the north side block, starting from Michigan Avenue to Lenox Avenue. Playa Retail Investments reportedly purchased the commercial real estate lots from Ungar-Marshall Co., 1021 Lincoln Road Ltd. and 1035 Lincoln Road Ltd. The Miami Beach based firm, Fryd Properties, managed the three sellers, as represented by Jonathan Fryd. Aside from Fyrd, Michael Comras of Comras Co. was also a partner and property manager in the real estate deal.
The South Florida Business Journal report mentioned that Ortega's $370 million Lincoln Road purchase is a big deal given that the area is South Florida's "most expensive retail strip with a world famous cache." Tenants that have set up shop on the famous retail block are Apple, GAP, Bebe, Athleta and Intermix.
Ezra Katz, founder and CEO of Miami-based real estate firm Aztec Group, also told the publication how the Lincoln Road property first started as a small retail concept during the late 1990s, which eventually grew to the mega retail property that it is now. Katz added, "During this time, Lincoln Road has also become one of the hottest retail markets in the Southeast. The sellers have benefited from the enormous uptick in valuation along Lincoln Road."
In other news, construction of a new Nike store on Lincoln Road is also underway, reports Miami's The Curbed. The Nike store was designed by the Touzet Studio and features a three level structure with a rooftop basketball court. Nike's under-construction store is located at the corner of Lincoln Road and Lenox Avenue. Demolition of the current structure, a Pottery Barn and William Sonoma building, is already ongoing.
