A New York real estate investment fund continued to expand its presence on Lincoln Road last month, purchasing three storefronts on the prime retail street.
Thor Equities said Thursday that it closed last month on the purchase of 663, 665, and 667 Lincoln Road. The company declined to reveal the purchase price for the 5,000 square feet of retail space. Tenants include Pizza Rustica, So Good Collections and 16 Handles (665).
Thor sees opportunity to attract fashion retailers looking to enter the market. Lincoln has recently seen an influx of international retailers like H&M, Forever 21 and Lacoste.
Joe Sitt, chairman and chief executive of Thor Equities, was one of the first institutional investors to see Lincoln Road’s potential when he started buying property more than five years ago. At the time Sitt says other institutional investors “laughed” because they thought the market was too much of a party town. Sitt has been outbid by some of those same investors on other recent attempts to purchase property on Lincoln.
“Lincoln Road is the hottest retail street in all of Miami and is among the busiest corridors in the world,” Sitt said.
The new acquisitions give Thor Equities a total of 16,000 square feet of retail space in Miami Beach.