Iconic Lincoln Property Gets Sold OffJuly 6, 2017
By: Ismael Rodriguez
The architecturally iconic, open-air parking garage known for photo shoots, weddings and wine tastings at the western end of Lincoln and Alton roads in Miami Beach has been sold to German-based investment fund for $283 million.
Robert S. Wennett, who bought the property for $23.5 million in 2005 and later opened it in 2010, sold 1111 Lincoln Road to Bayerische Versorgungskammer (BVK) for $283 million on Wednesday, according to the Miami Herald.
The current tenants were immediately informed of the sale and asked to send their monthly rent to the new owner. Some of these tenants include Viacom International, Taschen bookstore and Rosa Mexicano South Beach.
Residents and tourists have been known to recognize the $65 million, 263-space parking garage, designed by renowned Swiss firm Herzog & De Meuron, because of its unique design with projecting angular columns.
Nonetheless, this picturesque, seven-story building also contains 110,000 square feet of office space, 40,000 square feet of retail space and several apartments, including a penthouse and part of the former SunTrust Bank building that was built in 1969.