**Comras Co. Acquires and Plans Redevelopment of Lincoln Road Retail Properties**
Comras Co. has acquired five commercial buildings along Miami Beach’s Lincoln Road pedestrian mall for $130.8 million, with plans for a comprehensive renovation of the properties. The buildings were last sold in 2014 for a combined $342 million, according to the South Florida Business Journal, marking a significant discount in the latest transaction.
The sellers in this deal were Morgan Stanley Real Estate Advisor and Terranova Corp. To facilitate the acquisition, Comras Co. secured an $81.77 million loan from Acore Capital Mortgage.
The portfolio encompasses 155,211 square feet of commercial space across 2.03 acres. Key tenants currently include Cheesecake Factory at 600 Lincoln Road and The Lincoln Eatery, a 9,600-square-foot food hall housing over a dozen vendors, at 723 N. Lincoln Lane. However, many of the retail spaces within the properties remain vacant.
Michael Comras, principal of Comras Co., shared his vision for the redevelopment, stating: “The goal is to put together 40 like-minded retailers, cafes, and lifestyle uses, creating a micro-village at the heart of Lincoln Road, where I’ll be able to curate and merchandise it effectively.”
This ambitious redevelopment aims to breathe new life into one of Miami Beach’s most iconic retail corridors, redefining its role as a lifestyle and commercial destination.
