530 Lincoln Road and David Edelstein
A prime Lincoln Road retail building has been acquired for more than $30 million by a company tied to David Edelstein’s Tristar Capital, The Real Deal has learned.
Tristar-managed 530 Lincoln Owner purchased the two-story building at 530 Lincoln Road in Miami Beach on Friday, according to Miami-Dade County records. The county recorded the transaction on Monday.
Lincoln 530, a Miami Beach-based company, is the seller. State corporate records show Yaniv Sananes is the manager of Lincoln 530. The company paid $12 million for the 11,000-square-foot building in March 2010.
The 7,500-square-foot property was once owned by the Estefan family.
Lincoln 530 first put the building on the market in March 2012 with an asking price of nearly $28 million. The Miami Beach-based Comras Company took over as the exclusive sales and leasing agent for the building in September 2012.
The building is located directly across from H&M’s flagship store at 551 Lincoln Road. The property received historic preservation approval for a glass enclosure over its courtyard. Lincoln 530 also obtained permission to add 3,000 square feet to the building.
New York-based Tristar sold a three-building Lincoln Road portfolio for $139 million to affiliates of Terranova and Acadia Realty Trust last year.
Edelstein recently resolved a foreclosure case involving the W South Beach hotel-condo and obtained a $140 million refinancing. He developed the 2201 Collins Avenue hotel in 2008 and opened it the following summer. — Eric Kalis