Lincoln Road

Lincoln Road Adds New York Retail Tenants

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COMMERCIAL OBSERVER – August 18, 2022 BY JEFF OSTROWSKI

New York fashion merchants Unfashional and Callista Couture will open stores on Lincoln Road in Miami Beach, commercial real estate firm Terranova Corp. said Thursday.

Unfashional, which operates in New York’s Soho and Meatpacking District, will take 1,558 square feet at 817 Lincoln Road and an additional 1,675 square feet at 815 Lincoln Road as a pop-up space, Terranova said.

Callista Couture, a purveyor of European clothes and accessories, will occupy 1,215 square feet at 612 Lincoln Road.

Miami Beach-based Terranova owns 137,411 square feet on Lincoln Road. The company is the largest owner of retail space along the popular pedestrian mall.

Other tenants on the eight-block pedestrian stretch of Lincoln Road include Apple, Zara, Sephora, Anthropologie, Armani Exchange and TUMI.

“With New York retailers now making their mark in Miami, we are witnessing an evolution in the ongoing migration, and those individuals and corporations who have relocated are now surrounded by the retail and restaurants they love,” Stephen Bittel, founder and chairman of Terranova, said in a statement.

Lincoln Road has experienced ups and downs in recent years. Asking rent once reached $350 a square foot along the promenade, but prices have since fallen. Earlier this year, Vornado Realty Trust sold a retail complex at the edge of the road after defaulting on a loan. Meanwhile, a Cheesecake Factory restaurant is scheduled to open.

Lyle Stern, president of the Lincoln Road Business Improvement District, welcomed Unfashional and Callista Couture as unique additions to the road’s tenant mix.

“Our occupancy is quite good, and our vacancy is quite low,” Stern told Commercial Observer.

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600 Lincoln Road Cheesecake

Cheesecake Factory signs lease on Lincoln Road in South Beach

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SOUTH FLORIDA BUSINESS JOURNAL – February 23, 2022 BY JENNIFER ROSS

The Cheesecake Factory will open a 7,000-square-foot restaurant at 600 Lincoln Road in Miami Beach.

The national chain (Nasdaq: CAKE) expects to open its doors in the fall and hire 200 people from the surrounding area to staff the new restaurant, the company stated. It will replace Sushi Samba in a 91-year-old building that Stephen Bittel, chairman of the Miami Beach-based Terranova Corp., bought for $108.57 million in August 2014. Terranova Corp. owns and manages commercial properties in South Florida.

“The local economy is strong and positioned for continued growth. Terranova will continue to support these trends by brining a dynamic array of tenants and innovative projects that maximize value for stakeholders, create jobs and economic opportunities, and build a better community for all,” Bittel stated.

A board member of the Lincoln Road Property Owners Association, Bittel also owns Lincoln Eatery. Located at 723 Lincoln Lane, the Lincoln Eatery is a food hall with 16 restaurants and bars. A limited liability company majority-owned by Bittel paid $33.2 million for the 55,000-square-foot building in August 2014, just 1,000 feet away from the future Cheesecake Factory location.

Stretching from Alton Road to Washington Avenue, Lincoln Road is one of the most expensive commercial retail areas in South Florida, where asking retail rates often surpass $100 a square foot. Once a strip filled with small-businesses, galleries, and nonprofit arts groups, Lincoln Road is now dominated by big chain retail stores and tourist-oriented restaurants.

In an effort to diversify its economy, Miami Beach recently issued a request for proposals from developers interested in building offices on city-owned parking lots.

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Cheesecake Factory to Open on Lincoln Road in South Beach

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COMMERCIAL OBSERVER – February 23, 2022 BY MARK HALLUM

The Cheesecake Factory is coming to one of South Beach’s most popular retail corridors.

The national chain signed a 20-year lease for 7,000 square feet at 600 Lincoln Road with plans to open in the fall, Terranova Corporation Chairman Stephen Bittel announced.

The company’s leadership promised to hire 200 people from the local community as staff.

The restaurant will add to the financial ecosystem of Lincoln Road, which is home to retail shops like H&M, Zara and Sephora as the local economy see growth, Bittel said in a statement.

“Terranova will continue to support these trends by bringing a dynamic array of tenants and innovative projects that maximize value for stakeholders, create jobs and economic opportunities, and build a better community for all,” Bittel said in a statement. Terranova declined to provide asking rents. Cheesecake Factory was represented by Blatteis & Schnur, while Mindy McIlroy represented the landlord, a Terranova affiliate who acquired the property in 2014. The property at 600 Lincoln Road, within a section of the Lincoln Road Mall, is just one asset in the South Florida commercial real estate firm’s portfolio. Recently, Terranova closed a $40 million refinancing deal of Palm Plaza near Miami Lakes, a 90,621-square-foot retail center

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