Aaron Butler Of Avenue Real Estate Partners Acquires Development Site In Miami Beach For $8.4M
500 Lincoln Road
$8,400,000
Building Size
—
Asset Type
Development Site
Closing
Apr 16, 2026
AI
Aaron Butler acquired a vacant development site at 500 Lincoln Road in Miami Beach. The transaction took place at a sale price of $8.4 million, with plans for a retail and restaurant project covering 20,000 square feet. The site was previously owned by Miami Beach Community Church.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,400,000
- Buyer: Aaron Butler - Avenue Real Estate Partners
- Seller: Miami Beach Community Church
- Address: 500 Lincoln Road
- Market: Miami Beach
Aaron Butler, head of Avenue Real Estate Partners, has intentions to lease part of the development to Noble 33, which is set to introduce new concepts like Mēdüzā Mediterranïa. This transaction indicates a resurgence of investor interest in the Lincoln Road retail corridor.
Players
Miami Beach Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.89%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93