The ArtCenter South Florida building at 800 Lincoln Road sold Tuesday to South Beach TriStar 800 for $88 million.
South Beach TriStar 800 is co-managed by TriStar Capital and RFR Holdings, which joint owns the W South Beach hotel, among other properties.
Robert Kaplan, a principal at Ackman-Ziff Real Estate, who represented both sides, said the former Burdines’ flagship store is expected to be used as retail, entertainment and beverage space.
“The historical significance of this particular building, which originally opened as a Burdines’ flagship department store in 1938, was a major consideration in our purchase as we look toward the future of Miami Beach’s retail scene,’’ David Edelstein, TriStar’s president, said in a statement.
The ArtCenter, a nonprofit that provides artists with resources and promotes the arts, plans to remain at its 924 Lincoln Road location. Maria Delvalle, executive director of ArtCenter, said future plans call for a new facility and enhanced arts programming.