An affiliate of Miami-based Torose, headed by principal Scott Sherman, has acquired the two-story storefront at 910 Lincoln Road, spanning 8,700 square feet. Torose secured the property for $10.4 million, with partial financing via an $8.6 million mortgage from Metropolitan Commercial Bank.
Property Transaction and Market Insights
The seller, an affiliate of Dallas-based Invesco Real Estate, sold the building for nearly $6 million less than its original purchase price of $15.8 million in 2010. The property, currently leased to the clothing store AllSaints, is situated near high-profile retailers like Nike, Apple, and Gap.
Sherman noted in an email that this purchase marks Torose’s first foray into the Miami Beach submarket, although he had owned property on Lincoln Road 15 years ago. He observed, “Lincoln Road has undergone a correction over the past decade as rents soared, leading to the departure of many restaurants and tenants that brought vitality to the street. I’ve been closely monitoring the area and believe now is the right time to reinvest as rents have adjusted.”
Strategic Position and Future Prospects
Sherman remains optimistic about the long-term potential of high-street retail in prime locations such as Lincoln Road. “Torose remains bullish on the long-term prospects of high-street retail in premier locations like Lincoln Road,” he added.
Recent Investments and Collaborations
Sherman’s former partner, Ben Mandell, CEO of Miami-based Tricera Capital, also recently invested in Lincoln Road. Tricera, in partnership with Miami Beach investors Scott Robins and Philip Levine, acquired a distressed retail building on Lincoln Road from New York-based RFR Realty for $13.6 million—a notable discount from its 2019 purchase price of $20.5 million.
Since leaving Tricera to form Torose in 2022, Sherman has expanded the company’s portfolio to include six commercial properties in Coral Gables, Miami, Bonita Springs, Tampa, St. Petersburg, and Atlanta. Last year, Torose partnered with Coral Gables-based Terranova and Miami-based Lndmrk Development to purchase 255 Alhambra in Coral Gables for $54.3 million.
Torose’s acquisition of 910 Lincoln Road underscores its strategic investment approach and confidence in the revitalization of Lincoln Road’s retail market. With a growing portfolio and strategic partnerships, Torose is well-positioned to capitalize on high-street retail opportunities in premier locations.
Key Takeaways:
- Torose bought 910 Lincoln Road for $10.4M, partially financed with an $8.6M mortgage.
- The property sold for nearly $6M less than its 2010 purchase price.
- Current tenant: AllSaints; neighboring retailers include Nike, Apple, and Gap.
- Scott Sherman sees potential in the adjusted rental market of Lincoln Road.
- Torose has a diverse portfolio, including recent strategic acquisitions and partnerships.
