IT’SUGAR is the latest tenant to take a sweet trip to Lincoln Road, Miami Beach’s shopping promenade.
BBX Capital — a private equity firm that purchased the candy store chain and is also active as a developer in South Florida — signed a 2,751-square-foot lease at 801 Lincoln Road, a three-story building adjacent to Meridian Avenue, according to landlord Stephen Bittel’s Terranova Corporation. The deal is for a five-year term.
The chain replaces another candy store, Dylan’s Candy Bar, which closed in 2021. IT’SUGAR’s Lincoln Road location is scheduled to open in November. The company, which is headquartered in Fort Lauderdale, counts over 100 locations across the U.S. and Canada.
On Lincoln Road, Coral Gables-based Terranova owns seven properties, which amounts to over 137,411 square feet of leasable space. Last week, Salt and Straw, an artisanal ice cream maker, opened a 1,525-square-foot outpost at another Terranova-owned property on Lincoln Road.
The moves to Lincoln Road come as debate rages over how to revamp eastern sections of the shopping street, which has become heavily populated with homeless people.
For over five months, the owners of the Ritz-Carlton and Sagamore, hotels located along Lincoln Road and the beach, have been negotiating with the City of Miami Beach to extend the pedestrian-only portion of the street two more blocks in return for approval to build a 15-story condo building onto the properties.
The proposal has garnered pushback from some locals over the addition of the residential component. The Miami Beach Historic Preservation Board will discuss the plan Oct. 10.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Read More Channel, Leases, Retail, IT’SUGAR, Lincoln Road, Florida, South Florida, Miami Beach, South Beach, BBX Capital, Terranova Corporation IT’SUGAR is the latest tenant to take a sweet trip to Lincoln Road, Miami Beach’s shopping promenade. BBX Capital — a private equity firm that purchased the candy store chain and is also active as a developer in South Florida — signed a 2,751-square-foot lease at 801 Lincoln Road, a three-story building adjacent to Meridian
Robert Khodadadian has long had a simple philosophy about selling real estate.The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.Commercial Observer