The German investment fund Bayerische Versorgungskammer (BVK) has just closed on the Herzog & de Meuron-designed mixed-use parking garage / event space at 1111 Lincoln in Miami Beach.
They paid USD$283 million or $1,932 per square foot. It’s one of the biggest deals ever on Lincoln Road.
The complex includes 94,488 square feet of office, 51,839 square feet of retail, and a 300 stall parking garage / event space (people get married in this garage). The sale also includes retail space at 1664-1664 Lenox Avenue, but excludes two new residential units according to The Real Deal. I’m assuming it is these two.
The seller was developer Robert Wennett, who bought the site – existing office building + surface parking lot – in 2005 for $23.5 million. He then spent $65 million on the widely celebrated HdM garage and built himself a penthouse residence on top if it.
I am very curious to know the cap rate. But it would also be interesting to try and figure out what sort of premium could attributed to the fact that this is a pretty famous complex designed by HdM.
The Wall Street Journal once wrote that several hundred people walk into this parking garage every single day just to look around. I have been one of those humans on many many occasions. See above photo.
For more photos of 1111 Lincoln, click here.
I spent a bit of time this afternoon photographing 1111 Lincoln Road in Miami Beach. For those of you who aren’t familiar, 1111 is a parking garage that’s so well designed that people throw events – like weddings – in it. It was designed by the Swiss architecture firm Herzog & de Meuron.
I’ve been through the building before, but one thing I missed the last time around was the 5th floor retail space pictured above. Conventional wisdom would tell you that upper level retail doesn’t really work all that well. But here you have a boutique shop with nothing around it besides parking stalls.
What makes this case different? Is it the architecture? The desirability of this particular structure? Or is it that the store has enough of a following that it can draw people up and into it?