The owners of a Lincoln Road lot that houses a CVS Pharmacy have sold their property for $30 million.
The 24,610-square-foot building is just a block-and-a-half away from the beach and was built in 1951. But the buyers may have to wait to redevelop. A ground lease on the property runs until 2050, according to Michael Denberg, an attorney at Arnstein & Lehr who represented the sellers.
Even so, buying out the lease “is certainly a possibility” for the new owners, Denberg said. “It’s probably a good site for redevelopment.”
The sellers are a Boca Raton-based company called Harris Realty & Associates and Deborah Schluger, of New Jersey. The Harris family bought the lot, at 312 Lincoln Rd., Miami Beach, for $550,000 in 1989, according to county property records.
$30 millionSales price for CVS Pharmacy on Lincoln Road
The buyer is listed on a county deed as Lincoln Road Owner, a Delaware-based company. Businesses often register in Delaware to shield their identity from the public. But the company lists its address as an office in downtown Boston used by real estate investment firm Rockpoint Group.
Rockpoint did not return a call asking to confirm that it was the buyer.
Lincoln Road has become a battleground for commercial real estate investors. In September, a Spanish billionaire paid $370 million for an entire block of Lincoln Road. Last year, six buildings on the busy tourist street sold for $342 million. Locals complain that the new investment means national chains are pushing out smaller shops.
More changes are ahead for the area: The city of Miami Beach has approved a master plan by New York-based architect James Corner to redesign Lincoln Road. The goal is to make it more friendly for pedestrians and bikers.
Miami Herald staff writer Joey Flechas contributed to this report.