Michael Simkins snags whopping discount for Lincoln Road retail building

Michael Simkins 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, 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 6,900-square-foot acquisition with an $8.5 million loan from City National Bank of Florida.  The sale price amounts to $1,685 per square foot. Simkins, who also leads Lion Development Group and is co-developing a pair of downtown Miami condo towers, joins other major commercial real estate investors, […]This article originally appeared on The Real Deal. Click here to read the full story.