South Beach's Lincoln Place Sold for $66M

In a deal expected to close during the third quarter of 2013, Parkway Properties announced this week that it had entered into a purchase and sale agreement for Lincoln Place in Miami, Florida. Parkway is purchasing the 140,000 square foot office and retail building for approximately $66 million, or $472 per square foot. The building at 1601 Washington Ave. is being sold by 16th Street Partners, which is managed by LNR, according to a South Florida Business Journal article.

James Heistand, Parkway Properties' President and Chief Executive Officer, said, "We are excited for the opportunity to expand into the South Florida area. We believe this market is in the early stages of a recovery and has the potential to improve quickly given the diversity and vibrancy of its economy. Additionally, the South Beach submarket is highly land constrained and boasts a current vacancy rate of only 8.7%. Lincoln Place is a high-quality, core asset located one block away from the world-class retail destination of Lincoln Road. We hope to continue our expansion in the South Florida area with a similar blend of core, core-plus and value-add investments as we have done recently in several of our other markets."

Built in 2002, Lincoln Place is an 8-story mixed used building in the heart of the South Beach Historic District. The building is fully leased to LNR Corp., which has its headquarters there in a deal that runs through June 2021.

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