Cheaper Land Results in the Redevelopment of North Miami Beach

By Sunny Isles Real Estate Expert on April 13th, 2016

Miami commercial real estate

The blue-collar aesthetics of North Miami Beach, including the mid-rise apartments and traditional shopping centers found down Biscayne Boulevard is about to see a significant facelift. More and more luxury condo developers are scooping up the vast areas of land that are available in this area to develop new, luxurious high-rise buildings, as well as mixed-use projects. This is all in hopes that this development will lure in new buyers who are searching for great deals near Sunny Isles Beach and Aventura.

Projects “In the Works”

Currently, there are about 8,000 new rental units and condos being planned and presold on a stretch of Biscayne Boulevard that lies between the Northeast portion of 151st Street and Northeast 176th Street.

Thanks to lower land prices, developers are coming to this intercostal area, which is allowing them to build units that are more reasonably priced, but also close to the water. Another appealing factor is that they will soon be serviced by the Tri-Rail commuter train, which will be making passenger stops at 163rd street as soon as 2018.

Appealing Real Estate in Miami

A number of developers are also receiving encouragement to build along the intercostal area of North Miami Beach, which recently passed all new zoning regulations last March, which allow for higher density projects for the Biscayne Boulevard area. Please CLICK HERE to see Miami commercial real estate opportunities.

In the past few years, developers have begun to actually build, or announce their intentions to build, new condo towers, as well as mixed-use projects. Last February, the Plaza Group completed the first of the two buildings that are making up the Marina Palms project. Each of the towers is 25 floors and together offer 468 units. Other features are a yacht club and marina that provide 112 boat slips. Currently, about 80 percent of all the units in the south tower are sold, and closings have started for the recently completed north tower.

Additional Developments Coming Soon

Another new development occurred in August, with Key International and 13th Floor Investments closes on a deal worth $30.5 billion to purchase land along the Biscayne Boulevard corridor. This purchase will be the home of a twin-tower condo, named The Harbour. The 32 story buildings will include 425 total units and about 70 percent of them have been sold currently. These range in size from 2,442 down to 1,032 square feet and can be purchased for between half a million and $1.2 million.

Real estate in this region is continuing to sell and be developed, which is helping to attract a higher-end buyer to the area, who may be trying to escape the higher prices found in nearby Miami Beach. There are several condo projects in the works and quite a bit of the land along Biscayne Boulevard is spoken for and being developed in the near future. There is no question these luxe and posh condos and apartments are going to attract a higher caliber of buyer, allowing developers to flex their creative muscles while creating upscale units for those who appreciate the finer things.

The Largest Real Estate Deal in Miami-Dade History for $370M to Spanish Billionaire

By Sunny Isles Real Estate Expert on December 1st, 2015

commercial property sold in Miami

In a turn of events that took years of planning, an entire block on Lincoln Road was sold for $370 million. This is the largest commercial real estate deal in Miami-Dade history. The buyer is a Spanish billionaire and the fourth richest person in the world.

The properties run from 1001 Lincoln Road through 1035 Lincoln Road and include commercial properties like the newly-built Gap, Intermix, Athleta, and Apple, according to The Real Deal. One of these buildings will also be home to Nike. The properties total 75,000 square feet and 48,000 square feet of land.

Michael Comras and Jonathan Fryd, local commercial real estate investors and developers, brokered the deal. Comras told The Real Deal, “It’s definitely a blockbuster sale. It’s the biggest thing I have ever been involved in. It’s the culmination of so many years of planning and working together with Jonathan and we put together an amazing asset, a perfectly curated asset.”

Behind the Shops on Lincoln Road

The investors purchased the properties for a total of $12 million in 1999. They began leasing the buildings to nationwide store chains. They wanted in before the pedestrian promenade raised the rents as high as $400 per square foot.

The entity that purchased the block at Lincoln Road is listed as Playa Retail Investments. The address for Playa Retail Investments is the same as other companies owned by Amancio Ortega. According to Forbes, Ortega is the fourth richest person in the world with a net worth of $70.2 billion.

Amancio Ortega

Comras could not confirm the buyer due to a confidentiality agreement, however Forbes reported on Ortega in 2012 saying that Ortega “seems to be using more of his free time to invest in real estate. He has pulled money from Spanish investment funds and poured it into buildings through his Ponte Gadea real estate firm.”

Ortega is the son of a railway worker. He cofounded Zara in 1975 with his then-wife Rosalia Mera. The bathrobes and lingerie they made in their living room caught on and during the 1980’s, Ortega’s empire grew. Other companies were dumbfounded at Ortega’s business sense as he limited advertisements, expanded ambitiously, and controlled his own supply chain.

According to Forbes, Ortega “powered through the Spanish financial crisis, personally gaining $45 billion from 2009 to 2014 as his shares of Inditex defied the rest of the Spanish stock market.”

He has taken his billions and invested them into real estate around the world including global cities like Madrid, Barcelona, London, Chicago, New York, and Miami.

Lincoln Road – Years in the Planning Paid Off

Camras credits the hard work he and Fryd started 16 years ago for the success in the asset now. He believes the retailers chosen are the best and create value in the marketplace. He stated, “Lincoln Road is an amazing street, and Miami Beach is an amazing city, and it’s a world class destination. It’s just an incredible asset and I’m happy to be part of it.”

Office and Retail Space in Miami Popular with Foreign Investors

By Sunny Isles Real Estate Expert on November 9th, 2015

Commercial real estate in Miami

The Miami area is not only a great place to live and to buy residential property, but also a fantastic place to buy retail space and office property. In fact, a number of people from Latin America, and other countries, have been looking for both office buildings and properties with just a single-tenant building all around Miami, as well as in other parts of the county. The number of purchases and clients looking for these properties has skyrocketed over the course of the last year and a half or so.

Why Are These Properties So Popular?

While we certainly know that the real estate market for residential homes is doing well, the other parts of the Miami economy are growing just as quickly. Smart businesspeople want to get in on this action, and that has set them racing toward buying up these office properties as fast as they can. In fact, they are buying at a rate that’s faster than what even many of the real estate experts in the Miami area had anticipated. Many of the buyers seem to be coming from Latin America, as there have been an increasing number of purchases made by people from Argentina, Brazil, and El Salvador.

International investors from all around the world see the potential that Miami is offering. It is a multicultural city that is a major hub for all types of business, and the area is continuing to grow quickly. They realize that investing now and holding onto those retail and office spaces has the potential to provide them with a nice return on their investment.

Many of the buyers already have at least one home in the Miami area. They might be using this as an investment rental, or as a vacation home. They have the money to buy – with the average investor able to purchase retail and office properties between $3 and $5 million in most cases. Some of the wealthier buyers are even able to buy property and build their own. In other cases, developers are looking at the need for more of these types of properties and are building them for clients, knowing that they will be able to sell them. The Solution Group said that they are building an office condo in Coral Gables to meet the demands of their customers. Others are doing similar things to help increase their sales.

It Keeps Growing

The power of commercial property in Miami and the surrounding area is growing quickly, and foreign investors do not want to waste time getting properties in the country that they can then lease, or even start their own business. The commercial market has seemingly limitless potential right now, so you should expect to see even more investors from other countries snapping up properties as soon as they become available. Since there are limited properties now, it is a seller’s market. However, with developers starting to build new properties, this could change in the future.

Conrad Miami Offers a Great Investment Opportunity

By Sunny Isles Real Estate Expert on September 18th, 2015

Brickell City Centre Condo for sale

Conrad Miami is a luxury hotel in the heart of Miami’s Brickell neighborhood that features 203 units. Located at 1395 Brickell Avenue in Espirito Santo Plaza, the hotel is now up for sale, although there is not currently a listing price attached. It’s believed to be priced at over $120 million though, and given the potential of the property, a price that his is certainly not out of the question. The property offers 103 luxury condominiums, as well as retail space.

Some of the other features of the property include a spa and a gym, as well as 20,000 square feet of areas specifically for meetings. In addition, it offers the Atrio Restaurant and The Bar at Lvl 25. Those who live or stay in the property will also be able to enjoy two tennis courts located outside, as well as a whirlpool and a pool located on the roof.

It’s all of these features that make potential visitors interested in the property, and it is that potential that is driving the interest from the investors. They see that the hotel has a lot of potential. It’s in a great area and the economy of Miami is continuing to grow stronger. Investing in this building could be a very smart move, as you will see.

Why Is the Hotel a Great Investment?

For starters, it is more than a hotel. It has retail opportunities as well, which means leasing opportunities for the owner. Also, consider the hospitality market in the Miami area. People love Miami and flock to it for vacations, work, and more. When people visit, they want to stay in the best possible locations and properties, and they are willing to pay a premium to stay at a luxury hotel such as Conrad Miami.

The commercial properties in the Brickell area have relatively high prices because of the potential that they offer. It was only a couple of months ago that an office building in the area (777 Brickell) went to investors from Brazil for $140 million. Investors who are looking for great properties and who are willing to pay for them are not rare in today’s world. The investors who bought the office building at 777 Brickell were from Brazil, and you’ll find that a large number of investors are from out of the country. Latin America, as well as China and parts of Europe have a number of investors who are very interested in the Miami area.

They can see the potential that the area has to bring in a good return on their investment, and they are snapping up properties as quickly as they can. While $100 million may seem like a lot of money, for investors and investment groups, it is easily feasible, and you can be relatively sure that this hotel will not stay on the market for too long. The only question is who the buyer might be and how much they will finally end up paying for the property.

Soon after this announcement last week, Dallas, Texas-based Gaedeke Group has purchased the Espirito Santo Plaza in the Brickell Financial District for $142 million, Miami-Dade County records show.

Estoril Inc. sold the 36-story office building at 1395 Brickell Avenue. EXAN Capital was marketing the property. It was developed in 2004 and spans 659,753 square feet, according to Miami-Dade property records.

In June, Gaedeke announced plans to invest $300 million in “larger office properties exclusively in primary markets.” The full service real estate firm, which has regional offices in West Palm Beach, also closed a $65 million mortgage from JPMorgan Chase, records show.

EXAN’s Juan Jose Zaragoza and Juan Arcila worked on the deal, a spokesperson told The Real Deal. There was no listing price, “but we were obviously aware of what’s going on in the market,” the spokesperson said.

Not included in the acquisition was the Conrad Miami, which is on site. The hotel was listed for sale earlier this year and expected to sell for more than $100 million. CBRE is marketing the luxury 203-key hotel.

“There is enough capital interested in acquiring Brickell Avenue office properties for each property to sell many times over,” Chris Lee, vice chairman of CBRE Capital Markets told The Real Deal. “It is among the most difficult markets in the world for a buyer to win a deal.”

The property is in the heart of Brickell, near Brickell City Centre, which when completed will include a 500,000-square-foot shopping component, two condominium towers, two Class A office buildings, and its EAST, Miami Hotel. Check out available commercial real estate in Miami here

In February, the 13-story SunTrust office building at 777 Brickell sold to Brazilian investors for $140 million.

South Florida Commercial Real Estate Looking Bright

By Sunny Isles Real Estate Expert on July 15th, 2015

Miami Brickell City Centre

The JJL’s Pulse360 2015 panel members provided predictions about South Florida’s commercial real estate (view all commercial listings), and the outlook is looking very bright. Among these predictions were:

• 2015 is looking to be a strong year for commercial real estate in Florida due to steady investments and a strengthening economy.
• Prime office spaces may see an increase rental rates from 15 to 25% over the next two years as new workplace construction slows, and absorption rates begin increasing.
• South Florida is continuing to grow in popularity thanks to the tourism boom, and world-class hotels, restaurants, and retail locations.
• Millennial entrepreneurs and their rush to the urban core, including in places such as the Design District, Miami Beach, and Wyndwood, along with the increasing popularity of shared office spaces, will cause changes in the face of work sites.
• The Miami Worldcenter, Brickell City Centre, and the Design District, which are three of the top ten retail destinations in the nation, are all currently being built in Miami.
• Currently, the only prime office tower that is slated to be built is the Brickell City Centre by Swire Properties, and it will not be completed until 2019.

All of these predictions and findings show that South Florida is poised to take advantage of the increasing demand for space required by national and international retailers who are choosing to take advantage of the tourist base in Miami. This tourist base, which includes international travelers from locations such as Brazil, arrive in Miami with empty suitcases that they plan to pack with purchases to take back home with them. Major retailers want a piece of that pie.

Land Price Increases

Another driving force behind the increase in office rental prices is the high land prices. This is causing many developers to abandon office sites, and change their focus to the popular luxury condominiums that are being bought up by foreign buyers, many of whom pay in cash.

Considering that the Swire project is the only one expected to occur between now and 2019, JJL’s Pulse360 members believe that this will result in one thing – rental rates will go sky high. These rates will be driven by the lack of additional supply of office spaces in a market that is already tight, and according to the predictions, this is going to be a major push to getting those rental rates even higher.

While there are no other projects currently under development, Nitin Motwani, who assisted with the creation of Venture Hive, a shared workplace for entrepreneurs close to downtown Miami, has said that there have been other developers who are interested in the concept, and creating sites that are similar. However, the problem with creating those sites is that financing is not as easy to secure since it is outside of the typical office space. Motwani believes that this will change as well, although it may take up to 10 years for that type of financing to become the norm.

All of these predictions show that South Florida is a prime location for retail rentals, and it is only going to get better.

South Florida’s Office Market Bolstered by Latin Investors

By Sunny Isles Real Estate Expert on December 21st, 2014

Miami commercial real estate

The residential Miami real estate (view home page site here) market has traditionally been well served by Latin American buyers and investors. Now those same investors are helping to support the area’s office market by investing in office condos in Miami. This both supports and spurs on Miami’s expansion in office space and the number of businesses and entrepreneurs operating in the city.

Ofizzina 1200

One of the most visible ways that Latin American investors are helping make Miami a thriving place to call home is the creation of Ofizzina 1200. This office/condo/suite amalgamation will stand 16 stories tall, and will house 47 office suites. It will be located at 1200 Ponce de Leon Boulevard in Coral Gables, and will span an impressive 97,000 square feet of office space in a Mediterranean themed building.

Other Developments

There are several other business developments in and around greater Miami these days other than Ofizzina 1200. Another can be found along the riverfront in Downtown, where the Coto supermarket family of Argentina paid $125 million for a construction site. The same family also purchased 19 office condos at 1200 Brickell Avenue earlier in the year. (CLICK HERE for Miami commercial real estate)

Not for Immediate Use

While Ofizzina 1200 will be constructed for immediate use as business space, many Latin American investors are buying existing rentals and transforming them into office condos, then turning around and either leasing or selling them outright. Some experts point out that this allows investors to pay $180 per square foot initially, but sell for $300 per square foot after reconfiguring the space for the needs of business owners. That’s a significant amount of profit, and it also serves the Miami area where there are few places investors actually want to be, despite the ongoing business expansion within the city. That expansion is more than sufficient to support multiple luxury office building projects, as well as office condo development.

Other Business Developments Downtown

While Latin American investors are doing a great deal to bolster the economy in South Florida, there are other noteworthy developments. One of those is the 17-acre site that will soon become Miami Worldcenter. It will create an estimated 18,000 jobs, and will house condos, retail space, bars and nightclubs, restaurants, a massive conference center, and even a 1,000-room hotel. Of course, there’s also Brickell City Centre, a massive mixed-use project already under way. BCC will feature residential areas, business areas, and even the first Cinemex north of the US-Mexico border.

Add to that explosion and expansion of business the burgeoning real estate market (which recently hit a six-year high in term of price), and you have a true recipe for success. Miami residents look forward to putting the lingering effects of the recession behind them, and for many, that might occur much sooner than for other areas of the nation where real estate prices are still depressed, and businesses are vanishing at an astonishing pace.

Miami, already a world-class city, is poised to take on a leadership role on the international business scene comparable to its reputation as one of the best places to live.

Two Hot Properties Sell for $34.5 Million Apiece In Miami Beach

By Sunny Isles Real Estate Expert on June 25th, 2014

Miami Beach real estate

When many people think about residential real estate in Miami Beach, they immediately start thinking about all of the residential properties and condominiums that are available right on the beach. However, as plentiful as they are, residential real estate is certainly not the only game in town. Commercial property is also a big seller, as is demonstrated by two recent sales that brought in a large amount of money.

South Beach Gallery/Home of Romero Britto

Brazilian artist Romero Britto recently sold his home, which also serves as his gallery and showroom called Britto Central. The building, located at 818 Lincoln Road, has been a fixture of the area since 1935. The last time this property sold, which was in 1993, it went for $335,000. The sale price this time was $34.5 million.

The buyer was a company based in Montreal called 818 Lincoln Investments. The manager of the buying company was Danny Lavy, who also happens to be the CEO of Elite Group Inc., a company that distributes household products.

Another Lincoln Road Building Brings in the Big Bucks

Just one week after the sale of the gallery, another retail building in the area, just a short distance from Britto’s gallery, sold for, again, $34.5 million. In this deal, JSRE Acquisitions bought the 716-720 Lincoln Road property. This building was bought by a company called 718 Lincoln Owner, and there was no financing recorded.

The seller was Investment Group of Miami, who had actually owned this 7,500 square-foot property in South Beach for twenty-one years before making the sale. This building is nearly as old as the gallery, having been constructed in 1936. It is just between Forever 21 and H&M. Currently, the company that leases the property, RFK, says that the two businesses occupying the spaces in the building are Cache and American Apparel.

What Will Happen at These Sites?

It does seem quite strange that within a week of one another, two properties very close to one another would sell for the exact same price. While there is the possibility of a connection, very little is actually known at this time, and it could merely be a coincidence.

Of course, there is also the possibility that a large company, or conglomeration, could be buying up land and properties in the area as a means to begin planning a future development. Again, it’s too early to tell exactly what will happen at these sites. They could continue in their current capacity with absolutely no changes whatsoever.

Still, it should be quite interesting to watch and see what does happen, and to keep an eye on the area to see if there might be any more of these big dollar sales in the coming weeks and months. After all, it is important to keep this area of Miami Beach in mind. It has a great location that is quite popular with developers, and there is every chance that we could be seeing the very beginnings of one or more new developments.

Pembroke Tops Florida Multi-Family Transactions at $225 Million

By Sunny Isles Real Estate Expert on February 24th, 2014

Miami commercial real estate

A $225 million transaction in Pembroke topped the multifamily stats for this year. The sale was for a 1520-unit community known as the Resort at Pembroke Pines. The sale was completed by the Carroll Organization, out of Atlanta.

Although the property was a bit rundown and outdated, the Carroll group developers were still interested in picking up this apartment complex, despite the fact that it is not quite as modern or stocked with amenities as newer complexes. This demonstrates that investors are interested in apartment complexes that already exist, rather than just having an interest in developing new apartment complexes.

Lower The Risk

According to reports, the prices of land in Florida have been going up and the costs of development have been going up, but growth as far as rental income goes is slowing. This means that, for developers, there is less risk involved in purchasing existing properties than there is in developing new properties, a process which can take two or three years to complete. The reporting states that, of course, in two or three years, the market can be remarkably different than it is at the time the development starts, adding an element of risk to the investment.

Stabilizing Market

While growth in the Miami commercial real estate market may be picking up, economic indicators show that the typical cycle of booming and busting in the South Florida real estate market may be between 7 and 12 years. With investors moving in from all over the world – Latin America, Russia, Europe, etc. it has proven to be particularly rich with people looking to make investments in South Florida real estate – real estate prices have largely stabilized and luxury properties are selling well again.

What’s Out There

South Florida may be principally known for its very high-end, upscale luxury real estate properties, but there are still many distressed properties on the market and, as this transaction shows, properties that may be a little bit outdated, but that could become very attractive provided they were given a bit of renovation. For some commercial real estate developers, it’s more attractive to invest in a property such as these, simply because they do not have to go through the development process or take on any of the extra risk associated with that process.

As the South Florida real estate market continues to grow, there are likely to be many very attractive deals that come available on the market, but it generally requires a skilled real estate agent for clients to be able to take advantage of these properties. We provide a list of Miami’s most expensive condos and Miami’s most expensive homes for sale and give forecasts about the market in general, both of which should be of great interest to individuals looking to invest in the luxury properties available in a South Florida market or, in fact, some of the older properties that could be very good investments with a little bit of redevelopment.

Real Estate Equity Funds Are Finding Greater Profits from High Risk Investments

By Sunny Isles Real Estate Expert on June 27th, 2013

Commercial real estate for sale

Investors in private equity funds tend to take on riskier real estate opportunities such as office buildings with high vacancy rates, or distressed properties that are often strapped with huge debt. The private equity fund might be invested in a high priced new construction project that can only be completed with well-healed purchasers that can hang in there long enough to create a profit.

The sophisticated investor is always on the lookout for anyway to maximize their diversified portfolio. They are eagerly seeking any type of option that can generate solid profits. In their effort to achieve a well-balanced portfolio, they will often turn to private equity funds. This is because these funds do not usually subject themselves to a traditional stock or bond market volatility.

It is the premise of the investor to select a private equity fund because of the potential for an attractive return. Some investors trust the experience of well-managed fund professionals that often subscribe to proven investment strategies.

There are a large number of individual investors that have experienced success with private equity Miami real estate investments. Since the downturn in the real estate markets, back in 2007, many private equity fund investors have waited patiently, for the market to reverse. With the increased sales in many communities across the nation, especially Southeast Florida, the time seems right for many investors to locate their next project.

Leveraging and Cash Flow

Typically, a private equity group will use debt leverage as a way to automatically increase the investment return on their capital. Usually, the amount of leverage that is applied is typically determined by the generated profit results the debt can provide. Sometimes great effort needs to be applied by the private equity fund group to turn a project around to create cash flow.


Many private equity fund programs are designed as a way to create profits, and not run a business. The group tends to generate their income from significant cash flow because they acquired a real estate property, along with any money that will be generated when selling it. It is the exiting from the project that is the mechanism used to the group to monetize their equity.

Usually, a private equity fund group will seek out a quality project that can produce the best “liquidity event.” This might mean that the group purchases an office building that has yet to be completed, or has high vacancy rates, and turns the scenario around. Once the building is complete, or the occupancy rate is increased, they can liquidate the property and take their profit.

Not all fund investment opportunities work this way. Overall, private equity funds tend to liquidate their assets less often than other trading instruments including hedge funds. Because of that, investors often struggle to determine the current value of all of their assets pertaining to the private equity fund held in their portfolio, versus all of their other assets of other trading instruments.

June 2013 Turned Out To Be One Of The Busiest Months For Miami Real Estate Market

By Sunny Isles Real Estate Expert on June 23rd, 2013

Sunny Isles real estate

June turned out to be one the busiest months for Miami real estate market. From sales of celebrities homes to latest Miami pre-construction projects, to commercial real estate deals, the Magic City’s fame as an international business and hospitality center continues to draw foreign cash buyers and baby boomers to more expensive luxury Miami real estate rather than to cheaper Broward and Palm Beach counties.

Here are some of the exciting news which took place in Miami in June 2013:

Al Capone’s former Palm Island mansion sold for $7.43 million

The house, at 93 Palm Island, is said to be where Capone allegedly planned the St. Valentine’s Day massacre and died of syphilis years later. The estate, which the gangster reportedly purchased for $40,000 in 1928, boasts a private beach area on 100 feet of Biscayne Bay frontage, a spacious swimming pool and cabana area and multiple balconies.

Singer Billy Joel has sold his Miami Beach home for $13.75 million

This was all-cash deal, $1 million off its listed price. The Mediterranean-style mansion at 82 La Gorce Circle was built in 2004 and boasts 8,881 square feet of living space, including seven bedrooms and eight and a half bathrooms, a wine cellar and expansive outdoor kitchen. TMZ reported the buyer as Diego Della Valle, owner of Tod’s and a majority shareholder in Saks Fifth Avenue worth a reported $1.55 billion. A spokesperson for One Sotheby’s was unable to confirm. We are excited to report this was ONE Sotheby’s International Realty’s listing.

Introducing Baltus House – the latest Related Group pre-construction project in Miami!

Baltus House will be built within the next two years on Biscayne Blvd and 43st Street in the most trendiest Midtown Miami area. With prices starting at just $230K it offers spacious modern design, great amenities and most beautiful water views.

Jade Signature Sunny Isles

is one of the most anticipated projects in Miami and many investors and end users can’t wait for it to be built. The new 57-story technological wonder will be rising in the heart of Sunny Isles Beach, one of the most sought after residential areas on the ocean. Take a look at the sneak peak video below to see why it is so popular and desirable:

Oceana Key Biscayne project is more than 90-percent sold-out while still in pre-construction phase. It is being developed by the first U.S. development of Argentine real estate mogul and art collector Eduardo Costantini, leaving only 1 penthouse and 6 villas on the market 10 months after sales opened.

Miami commercial real estate

has always been one of the most desirable assets for investors, especially on Lincoln Road. This month Terranova Corp. and Acadia Realty Trust obtained a $84 million loan from Bank of America for a trio of retail buildings on Lincoln Road in Miami Beach, Daily Business Review reported. Terranova and Acadia purchased the buildings at 719, 801 and 826 Lincoln Road for $139 million dollars.