Michael Comras, through his firm Comras Company, has acquired a set of 11 retail storefronts on Lincoln Road in Miami Beach for $140 million, according to information provided to The Real Deal by a source familiar with the transaction. Comras declined to confirm the purchase price.
The properties are located at 600, 719–737, 741, and 801–821 Lincoln Road as well as 723 North Lincoln Lane. Financing for the acquisition came from Acore Capital, which provided a $117 million loan. The seller was Morgan Stanley, which originally bought the portfolio in 2014 as part of a larger deal valued at $342 million; Terranova retained a stake at that time.
Current tenants of these properties include The Cheesecake Factory, Salt & Straw, It’Sugar, and Lincoln Eatery.
Comras Company plans to redevelop the portfolio into NoLi—a new boutique shopping district named after North Lincoln Road. Plans include Via NoLi, an 18-foot-wide walkway on the 700 block of Lincoln Road connecting to North Lincoln Lane. This paseo will be lined with boutique shops and culinary spaces. Additionally, NoLi Plaza will offer café seating, a central fountain, and greenery. North Lincoln Lane will be converted from a service alley into a pedestrian area with expanded sidewalks and outdoor dining options. Retail units are expected to range from approximately 400 to 4,000 square feet.
The portfolio was previously under contract to be sold to the Cohen family of Duane Reade drugstores for more than $150 million. That deal did not close because they were unable to secure an equity partner or obtain financing.
Comras Company was founded in 1992 and operates a leasing brokerage division in addition to owning other properties on Lincoln Road such as 701 and 734-744 Lincoln Road. Its tenants there include Aldo, Swarovski and Hoka.
In previous years, specifically in 2015, Comras sold another property block at 1001-1035 Lincoln Road to Pontegadea—Amancio Ortega’s family office—for $370 million.
Lincoln Road has faced challenges recently due to competition from newer shopping areas like Miami Design District and Wynwood. Many storefronts remain vacant and some businesses have closed—including Regal South Beach movie theater—but landlords report an average occupancy rate of about 77 percent with new tenants beginning construction in empty spaces.
