July 06, 2017 | 1111 Lincoln Road sells for $283MJuly 10, 2017
In one of the biggest deals on Miami Beach’s Lincoln Road, German investment fund Bayerische Versorgungskammer (BVK) paid $283 million for 1111 Lincoln and an adjacent property.
CBRE Global Investors and German investment firm Universal-Investment acquired the mixed-use parking garage and nearby retail space on behalf of BVK, CBRE announced on Thursday. Developer and investor Robert Wennett sold the 146,327-square-foot property. He declined to comment on the deal.
1111 Lincoln, an award-winning mixed-use garage designed by Herzog & de Meuron Architects, sold for $1,932 per square foot. The Miami Herald first reported the sale, and the South Florida Business Journal reported the price, which has not yet been recorded with Miami-Dade County. It closed on Wednesday, June 28.