Canadian firm pays $35M for Lincoln Road shop
Canadian firm pays $35M for Lincoln
Aldo Group, the Montreal-based shoe store company, is the buyer of 635-639
Lincoln Road purchased on Friday January 29th , according to a deed recorded
in Miami-Dade County.
Built in 1935, the one-story building has remained in the Buhler family ever
since. It is currently home to the jewelry store Claudia N.
Aldo Group, based at 2300 Rue Emile-Belanger in Montreal, bought the 5,332square-foot building built for a whopping $6,560 per square foot. Current
tenants include a jewelry store, Claudia N.; and a shoe store called the Shoe
Shop. Led by Aldo Bensadoun, the Aldo Group has more than 1,800 stores in 90
countries, according to the group’s website.
Lincoln Road rental rates run about $300 per square foot of space and is
known for its international exposure. When faced with volatile stock markets
and an overall plunge in the global economy, real estate becomes the rosier
option for investors.
Investors have been targeting Lincoln Road in recent months, particularly
since Spanish billionaire Amancio Ortega, whose fashion empire includes
Zara, bought an entire block in September.
Last year, Miami Beach commissioners approved a master plan for the Lincoln
Road district. The plan, designed by New York landscape architects James
Corner Field Operations, will overhaul Lincoln Road – enlarging sidewalks,
adding extensive landscaping and turning some side streets and back alleys
into pedestrian walkways that will serve as new retail and restaurant venues.
The initial offer on the property fell through, but he simply could not let
go of the deal. Located between fast-fashion chains Forever 21 and H&M, this
particular block is emerging as one of Lincoln Road’s most popular.