Lincoln Road

Lease roundup: Terranova, Millennium, R&B, Duke nab tenants

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THE REAL DEAL – August 22, 2022 BY LIDIA DINKOVA

Callista Couture, Unfashional I Lincoln Road I Miami Beach

In another example of New York businesses’ migration to South Florida, two retailers are making their debut with new stores on Miami Beach’s Lincoln Road.

Stephen Bittel’s Terranova, among the biggest landlords on the shopping and dining pedestrian street, signed Callista Couture for 1,200 square feet at 612 Lincoln Road, as well as Unfashional for over 1,500 square feet at 817 Lincoln Road, with an additional 1,700-square-foot pop-up space at 815 Lincoln Road, according to the landlord’s news release.

The buildings are part of Terranova’s seven-property portfolio spanning roughly 140,000 square feet along Lincoln Road. The company is based in Miami Beach.

Lincoln spans eight blocks and has 281 businesses, 65 restaurants, more than 800,000 square feet of retail space, according to the release. It includes over 1 million square feet of offices.

Silicon Valley Bank, MFS Investment Management I Four Seasons Hotel and Tower I Miami

Millennium Partners has fully leased the office portion at the Four Seasons Hotel and Tower in Miami’s Brickell.

Silicon Valley Bank, a subsidiary of SVB Financial Group, will move into 8,600 square feet on the 15th floor at the office building at 1441 Brickell Avenue in the second quarter of next year, according to a news release from the owner’s broker. Investment manager MFS Investment Management will move into 2,300 square feet, also on the 15th floor, by year-end.

In total, 19,000 square feet of new leases were signed, although the other tenants were not identified.

Gordon Messinger of CBRE represented Millennium Partners. Jenny Turner and Bob Orban of Cresa Partners represented Silicon Valley Bank. Carlyle Coffin of Newmark represented MFS Investment.

Millennium Partners completed the 70-story Four Seasons in 2003, with a 221-key hotel and 84 condo-hotel units on the lower floors and 186 condos on floors 40 to 70, according to the developer’s website and property records.

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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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