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Scott Robins, Former Miami Beach Mayor Philip Levine, & Ben Mandell’s Tricera Capital Close On Lincoln Road Retail Asset For $13.6 Million

318-334 Lincoln Road_Photo Credit JLL 1170x435

Scott Robins from Scott Robins Companies, Inc., former Mayor of Miami Beach Philip Levine, and Ben Mandell’s Tricera Capital, closed on 318-334 Lincoln Road, a ±24,000-square-foot property located in the heart of Miami Beach, for $13.6 million.

The property was sold by RFR Realty, a New York-based real estate investment firm founded by Michael Fuchs and Aby Rosen.

Scott Robins, known for transforming neighborhoods in Miami Beach, stated, “This part of Lincoln Road has long been the ‘Times Square’ of Miami Beach. Our acquisition of this asset marks the start of a new chapter in this area. My partners and I are excited to restore this iconic location to its former glory, bringing back the bustling energy and allure it once had.”

Current tenants at 318-334 Lincoln include Mr. Jones Miami, South Beach Munchies, and Sweet Life Gelato Italian Ice Cream. Ownership is actively leasing and is currently in discussions with several tenants for the vacant units.

“We are excited to enter this market at such a unique time,” said Tricera Capital CEO Ben Mandell. “This part of Lincoln Road has seen strong performance over the last few years and continues to be a service-oriented and convenient staple for travelers to Miami Beach.”

The timing of this purchase aligns perfectly with the broader revitalization efforts on Lincoln Road, especially in the 100, 200, and 300 blocks. A significant investment of approximately $12 million—contributed equally by the State, the City, and the Ritz-Carlton South Beach—is being dedicated to enhancing infrastructure, implementing art and landscaping, creating pedestrian-friendly streets to harmonize with the rest of Lincoln Road.

“With major capital improvement projects on the horizon, including the construction of a beautiful, pedestrianized streetscape, enhanced public beach access, and the addition of new hotels, restaurants, and retail stores, Lincoln Road is poised to regain its splendor of years past,” said Levine.

 

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RFR, Tricap File Dueling Lawsuits For Control Of W South Beach

New York developers Aby Rosen and David Edelstein are in a high-noon standoff over a proposed buyout deal for the W South Beach — with a maturing loan raising the stakes.

Entities controlled by Edelstein, principal of Tricap (formerly Tristar Capital), and Rosen, co-founder and principal of RFR Realty, recently filed dueling lawsuits against each other in Miami-Dade Circuit Court and New York Supreme Court.

The W South Beach co-owners are in a hostile stalemate over Tricap’s $200 million proposal to buy RFR’s interest in the luxury hotel at 2201 Collins Avenue in Miami Beach.

A Tricap spokesperson said Edelstein’s firm sought legal action in Miami-Dade to “enforce a contractually agreed-to process for buying or selling the hotel to each other,” and that RFR followed up with its own complaint in New York, “apparently seeking to avoid litigating the matter in Florida.”

Last week, Tricap’s entity sued RFR’s entity in Miami-Dade, seeking a court order to enforce an agreement the partners allegedly reached in October. The suit also seeks to require RFR to either agree to extend a $157.4 million Citibank mortgage due on Jan. 25, or come up with its share of the funds to pay it off.

RFR has “repeatedly refused” to cooperate with Tricap on the loan issue as a tactic to obtain a more favorable buyout at “an inflated price,” the Miami-Dade lawsuit states. If Tricap refused, RFR threatened to “burn the house down,” the complaint also states.

On Monday, RFR’s entity sued Tricap’s entity in New York, accusing its partner of using the buyout negotiations as a stall tactic to extend the loan’s maturity date, which was originally set to expire in August of last year.

RFR claims it was “ostensibly negotiating in good faith,” while Tricap was “merely stringing [RFR] along in an effort to extract additional concessions,” the New York lawsuit states. Tricap walked away from Tricap’s $200 million offer last month, RFR also alleges.

In 2009, the New York firms co-developed the 395-room W hotel.

 

Source:  The Real Deal

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