Michael Simkins, Torose snag whopping discount for Lincoln Road retail building

Michael Simkins and Scott Sherman’s Torose Equities picked up a Lincoln Road building in Miami Beach at a bargain price as the pedestrian-only retail street experiences a revival. An entity managed by Simkins, a Miami Beach-based investor, and Miami-based Torose paid $11.7 million for a one-story building at 716-720 Lincoln Road, records and real estate database Vizzda show. The buyer financed the 7,500-square-foot acquisition with an $8.5 million loan from City National Bank of Florida.  The sale price amounts to $1,560 per square foot. Simkins, who also leads Lion Development Group and is co-developing a pair of downtown Miami condo […]This article originally appeared on The Real Deal. Click here to read the full story.