Vintage FL Shopping Center On Florida's Iconic Lincoln Road Sells For A Loss At $13.6 Million

Photo byDaniel Di Palma, CC BY-SA 4.0, via Wikimedia Commons

If you are a Floridian, you know it's not unusual to go shopping in what we commonly call "strip malls" or "pedestrian malls." These are large shopping centers where businesses are clustered so that one only needs to park once. And perhaps few of these centers are as iconic as South Beach's Lincoln Road. But one vintage shopping center that is part of this Toad has recently sold for a loss.

About The Retail Center In Question: The building in question, located at 318 Lincoln, was built in 1945 and is 24,259 square feet. It last sold in 2019 for $20.5 million.

However, in January of 2024, the property was foreclosed upon with the allegation that the building owner, 318 Lincoln LLC., had begun allegedly missing mortgage payments in November of 2023 and owed a mortgage with $15.13 million in principal outstanding, plus interest and fees.

In July of 2024, owner 318 Lincoln LLC sold the shopping center to a partnership of Scott Robins from Scott Robins Cos. for $13.6 million, which was less than the mortgage mentioned above that was sought in the foreclosure.

Current tenants in the shopping center are Mr. Jones nightclub, Sweet Life Gelato, and South Beach Munchies Latin Cafe. The property is reportedly almost 50% leased.

Google reviewers generally enjoy the offerings at Sweet Life Gelato, giving it 3.8 out of 5 stars, but some lament the high prices. A reviewer named Brandon wrote:

"Prices were ridiculous. $27 for two medium smoothies and the size of the medium was like an 8 oz cup. Mandatory tip required. Would not recommend it. "

The author is not affiliated with any malls or shopping centers.