Michael Simkins Of Lion Development Group Acquires Retail Asset In Miami Beach For $11.7M

The retail property located at 716-720 Lincoln Road in Miami Beach has a sale price of $11,700,000. The building is 6,900 square feet, resulting in a price per square foot of approximately $1,696.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $11,700,000
• Buyer: Michael Simkins - Lion Development Group
• Seller: JSRE Acquisitions
• Lender: City National Bank of Florida
• Square Footage: 6,900
• Price per Square Foot: $1,696

Michael Simkins financed his acquisition with an $8.5 million loan from City National Bank of Florida. The seller, an affiliate of JSRE Acquisitions, previously purchased the property for $34.5 million in 2014. Lincoln Road is experiencing renewed investor interest following prior declines in the retail market.