Real Estate News

Parking on South Beach is expensive. But is a garage really worth $283 million?

1111 Lincoln Road, the iconic building that includes the star-architect parking garage that opened in 2010, has been sold to new owners.
1111 Lincoln Road, the iconic building that includes the star-architect parking garage that opened in 2010, has been sold to new owners.

The identity of who purchased the iconic parking garage at 1111 Lincoln Road last week has been revealed.

CBRE Global Investors and the German investment company Universal-Investment acquired the mixed-use property, which includes retail and office space, on behalf of Bayerische Versorgungskammer (BVK), a German institutional investor.

The South Florida Business Journal reported the sales price was $283 million, or $1,932 per square foot. Public records of the transaction are not yet available.

1111 Lincoln Road includes 94,488 square feet of office space, 51,839 square feet of retail space and a 263-space parking garage designed in 2010 by the Swiss firm Herzog & de Meuron/event space.

“We see great opportunity with this newly redeveloped, one-of-a-kind property in the Miami market,” Stuart Sziklas, managing director for CBRE Global Investors-Americas, said in a statement. “1111 Lincoln is well-suited to a changing retail environment, and we look forward to working to enhance it further through our active asset management approach and our international platform.”

Current tenants of 1111 Lincoln Road include Rosa Mexicano South Beach, Viacom International, Juvia Restaurant and a Taschen bookstore.

Rene Rodriguez: 305-376-3611, @ReneMiamiHerald

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