Current media coverage and upcoming developments hand-picked from the industry.

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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Cheesecake_Lincoln_Road

Cheesecake Factory inks lease on Miami Beach’s Lincoln Road

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THE REAL DEAL- February 22, 2022 BY KATHERINE KALLERGIS The Cheesecake Factory inked a lease on Miami Beach’s Lincoln Road in the former Sushi Samba space, The Real Deal has learned. The publicly traded Cheesecake Factory, based in Calabasas, California, plans to open this fall at 600 Lincoln Road, according to Terranova Corporation Chairman Stephen Bittel. The restaurant group signed a 20-year lease, with renewal options, for the 7,000-square-foot corner space. It’s expecting to secure a building permit soon for an extensive interior buildout and could open in the fall, he said. Second-generation restaurant spaces, meaning they have built out kitchens and grease traps, have been in high demand over the past year throughout the region. “After really a treacherous 2020 in the restaurant business, restaurants have experienced a remarkable recovery in markets like South Florida that have been wide open the whole time,” Bittel said. Sushi Samba closed in December 2019, just before the pandemic began. Terranova owns the property with Morgan Stanley’s Prime Property Fund. A Terranova affiliate paid $108.6 million for the property with two addresses at 600 Lincoln Road and 1630 Pennsylvania Avenue in 2014. The building was completed in 1931.

Bittel said the negotiations with Cheesecake Factory “took a significant amount of time.” He declined to disclose asking rent and final rent. Blatteis & Schnur represented the restaurant. “We all had needs to be met in the document, so this was not a quick deal,” Bittel said. Cheesecake Factory expects to lease outdoor space from the city of Miami Beach for outdoor dining in front of the restaurant, Bittel said. The restaurant, known for its expansive menu, could hire about 200 employees. Bittel said that retail leasing, led by restaurants, is up on Lincoln Road. “We’re returning it to the glory that it experienced before the convention center closed [while it was being renovated],” he said. The high street retail corridor has experienced significant vacancies in recent years due in part to high asking rents that only national tenants could afford, brokers and tenants say.

In 2020, the independent local book store chain Books & Books closed its Lincoln Road store after more than 30 years of a presence on the street. But since the short-lived lockdowns were lifted, there’s also been a surge in investment sales of properties surrounding Lincoln Road. Two office buildings north of Lincoln Road on Meridian Avenue recently sold for $27 million and nearly $50 million, respectively. In August, Witkoff bought the retail building at 1681 Lenox Avenue for $15.4 million. It’s leased to the restaurant Yard House, which is owned by Darden Restaurants.

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