Vornado fund acquires Lincoln Road retail property in Miami Beach
Vornado Realty Trust’s 25 per cent owned real estate fund, Vornado Capital Partners, has acquired 1100 Lincoln Road, a 167,000 square foot retail property, the western anchor of the Lincoln Road shopping district in Miami Beach, Florida.
The property is 97 per cent leased, with principal tenants Regal Cinemas, Anthropologie and Banana Republic and includes a 298-space parking garage.
The purchase price was USD132m, financed in part by a USD66m new mortgage loan on the property. The loan bears interest at Libor plus 2.75 per cent and matures in July 2015 with two one-year extension options.
Vornado Realty Trust is a fully integrated equity real estate investment trust.
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