Vivian Dimond, her partners buy the building on Ross Lincoln Road

Vivian Dimond with 230 Lincoln Road (iStock)

Developer Vivian Dimond and partners have acquired a commercial building on Lincoln Road from the property’s lender for around $30 million.

Synovus Bank sold the note at an undisclosed discount to Dimond’s 230 Lincoln MB Title LLC, she said. His company also obtained the deed to 230 Lincoln Road and financed the purchase with a $19.6 million mortgage from FirstBank Florida.

The Dimond-led entity purchased the $30.6 million note for about $28 million and paid closing costs, property taxes and other fees, said Jeff Cohen of Brown Harris Stevens, who works with Dimond.

The building is anchored by Ross Dress For Less, which takes up approximately 60% of the building. Ross still has about six years left on his lease with four five-year extension options, Cohen said. It’s Ross’ second-best-performing store in the country, Cohen added.

Ross’ lease generates about $1.4 million in revenue annually, according to marketing materials. The 30,000 square foot store is located on the second and third floors of the building.

The building’s remaining spaces, a 12,000 square foot retail box on the ground floor and a restaurant on the top floor, are available for lease. Diamond said she was in talks with potential tenants to lease the two spaces. The fourth-floor space has 9,400 square feet of indoor dining and about 6,000 square feet of outdoor dining space, but that’s a shell that should be allowed for a restaurant.

A company led by Bijoux Terner founder Salomon Terner and a company led by investor Simon Karam developed the 51,500 square foot building on a half-acre lot. It was completed in 2017, according to the property expert. It was auctioned last year with a starting bid of $12.5 millionaccording to RE Miami Beach.

There are no open lawsuits related to the property and Miami-Dade County lists the seller as Terner and Karam entities. Diamond said the deal closed on March 31. She declined to name her investors, but said they were the same group that invested in a Hollywood apartment development she sold in December, as well as the same group that bought units in the Bay condo. Park. tower in Miami’s Edgewater neighborhood.

“[Dimond] was very, very aggressive in its terms and conditions. No one was aggressive enough to come in like she did,” Cohen said of selling the Ross property. “We just think Lincoln Road is making a turnaround. The Covid is behind us.

Lincoln Road, known for its high rents and nationwide operators, has started to see new tenants signing leases and opening shops, exhibitions and restaurants on the street, after a series of closures.

Last month, Lighthouse Immersive, which operates the immersive Van Gogh exhibit, signed a long-term lease for 23,000 square feet at 420 Lincoln Road, a property owned by Paul Cejas’ PLC Investments. The Cheesecake Factory also signed a 20-year lease, with options to renew, for the 7,000 square foot corner space at 600 Lincoln Road.

During the pandemic, Showfields, a popular New York retailer, leased a 14,300 square foot space over two floors at 530 Lincoln Road with an indoor/outdoor food and beverage concept, speakeasy bar, theater, lounge tattoo stations, piercing stations and more.

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