KAR Properties Bets on Lincoln Road Revival
New York-based KAR Properties acquired the AllSaints retail building for $15 million, marking another investor's confidence in Lincoln Road's potential comeback. The purchase reflects growing optimism about Miami Beach's iconic pedestrian mall despite recent challenges.
New York-based KAR Properties has acquired the AllSaints retail building at 910 Lincoln Road for $15 million, adding to a growing list of investors betting on a revival of Miami Beach's iconic pedestrian shopping district.
Miami-based Torose Equities, under Scott Sherman's leadership, sold the property after purchasing it for $10.4 million in 2024. The original acquisition represented a significant 34.2 percent discount from the building's 2010 sale price, demonstrating the market corrections that have affected the area in recent years.
Stefano Santoro of Disruptive Real Estate handled both sides of the off-market transaction. The two-story retail space encompasses 8,600 square feet and dates to 1928, with substantial renovations completed during the 1990s and early 2000s.
KAR Properties has been steadily building its South Florida portfolio, though primarily focused on luxury residential developments. The company completed the 38-story, 64-unit oceanfront 2000 Ocean tower in Hallandale Beach in 2021. More recently, KAR partnered with Fortune International Group and Alan Faena on the ambitious Faena Residences project along the Miami River, featuring twin 68-story towers with 440 units connected by a 50,000-square-foot amenity bridge.
Lincoln Road, originally designed by renowned architect Morris Lapidus in the 1960s, once commanded retail rents between $150 and $300 per square foot during its peak years in the 2010s. The pedestrian mall subsequently faced headwinds from emerging competition in districts like Wynwood and the Design District, followed by pandemic-related challenges and rising interest rates.
Several major investors have recently signaled confidence in Lincoln Road's recovery potential. Michael Comras acquired 11 storefronts for $140 million in November, announcing plans for extensive renovations. This month, broker and investor Aaron Butler purchased a vacant lot for $8.4 million, where hospitality group Noble 33 plans to open its Mēdüzā Mediterranïa restaurant.
Despite these optimistic moves, the area continues to present opportunities for value-oriented buyers. In February, Torose and Michael Simkins acquired the building at 716-720 Lincoln Road for $11.7 million, representing a $23 million discount from its 2014 trading price.
The AllSaints building purchase positions KAR Properties to participate in any potential Lincoln Road renaissance while expanding its presence in South Florida's commercial real estate market. British fashion retailer AllSaints continues to occupy the space under an existing lease arrangement, providing immediate rental income for the new ownership.
