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Michael Comras Of Comras Company Acquires Retail Portfolio On Lincoln Road In Miami Beach For $140M

Property Image
SOLD
$140,000,000
Michael Comras
SB

Florida

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Retail
Sold 10/23/2025
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Property Image
SOLD

Michael Comras Of Comras Company Acquires Retail Portfolio On Lincoln Road In Miami Beach For $140M

600 Lincoln Road

See Similar Deals
Retail
Sold 10/23/2025
Michael Comras
SB
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Retail
Transaction Type:Sale

The transaction involves a portfolio of retail buildings located at 600, 719-737, 741, 801–821, 826–838 Lincoln Road and 723 North Lincoln Lane in the Miami Beach market. The asset type is classified as retail, and the overall deal is valued at $140,000,000.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $140,000,000
  • Buyer: Michael Comras - Comras Company
  • Seller: Lauren Hochfelder - Morgan Stanley Real Estate Investing; Stephen Bittel - Terranova Corp
  • Date of Transaction: 10/23/2025

Developer Michael Comras is engaged in the acquisition of these retail buildings, which are part of a portfolio that Morgan Stanley Real Estate Investing and Terranova previously purchased for $342 million in 2014. The pending transaction notably excludes one building leased to the Salvation Army, indicating a strategic decision in the asset consolidation.

Players

Michael Comras
Comras Company
Michael Comras
3 deals$274.3M volume
BUYER
SB
Terranova Corp
Stephen Bittel
11 deals$326.6M volume
SELLER
Morgan Stanley
Morgan Stanley
SELLER

Details

SOLD
IMAGE: - UNDER CONTRACT IMAGE: Stephen Bittel, Michael Comras & Lauren Hochfelder DATE: 10/23/2025 ADDRESS: 600, 719-737, 741, 801–821, 826–838 Lincoln Road & 723 North Lincoln Lane MARKET: Miami Beach ASSET TYPE: Retail BUYER: Michael Comras (@MComras) - Comras Company (@ComrasCompany) SELLER: Lauren Hochfelder - Morgan Stanley Real Estate Investing; Stephen Bittel - Terranova Corp PRICE: $140,000,000 NOTE: Developer Michael Comras is under contract to buy a portfolio of retail buildings on Miami Beach’s Lincoln Road from Morgan Stanley Real Estate Investing and Terranova for about $140 million. The pending deal, which excludes one Salvation Army–leased building, follows Morgan Stanley’s effort to offload assets it bought for $342 million in 2014 as the shopping strip shows early signs of revival.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$7,466,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$497,390.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$663,671.42
Annual Debt Service$7,964,057.10