Lincoln Road Commercial Complex Has A New Owner
A commercial complex in Miami Beach called 1111 Lincoln Road has a new owner. Miami Beach developer Robert S. Wennett paid $23.5 million for the property in 2005. The Miami Herald reported confirmations from multiple sources that a sale of 1111 Lincon Road closed Wednesday.
But neither the buyer nor the sale price were revealed. Current tenants got letters Thursday instructing them to send their rent payments to a new address. The property’s $65 million parking garage with 263 spaces opened in 2010, and its design by Swiss firm Herzog & de Meuron drew national attention. It has been rented for events ranging from weddings to wine tastings.
The garage is adjacent to a seven-story building near the intersection of Lincon Road and Alton Road. The building, which incorporates part of a former SunTrust Bank location, has 100,000 square feet of office space, 40,000 square feet of retail space and several apartments. Current tenants include public relations firm Jeffrey Group, Rosa Mexicano South Beach, a Taschen bookstore and Viacom International.