BY INA PAIVA CORDLE
The biggest property sale on Miami Beach’s Lincoln Road — and one of the highest-priced deals in South Florida history — is in the works, as the South Florida real estate market continues to soar.
Miami Beach-based Terranova Corp., and investment partner Acadia Realty Trust, the largest property owners on Lincoln Road, have agreed to sell their six-building portfolio on Lincoln Road for $342 million. The information was disclosed in Acadia’s recent earnings release and conference call with Wall Street analysts. The buyer has not yet been named.
The properties, sprinkled along the pedestrian promenade and on nearby Lincoln Lane, include the sites of such popular Lincoln Road hang-outs as Sushi Samba and Dylan’s Candy Store. They were originally purchased in two parcels in February 2011 and December 2012, for a total of $191 million. Therefore, the transaction translates to a profit of $151 million — or 79 percent, in a combined total of a little over three years.