Torose Equities is expanding its reach, adding a Lincoln Road retail building in Miami Beach to its commercial portfolio, acquired at a discount.
An affiliate of Miami-based Torose, led by principal Scott Sherman, bought 910 Lincoln Road, a two-story storefront spanning 8,700 square feet, records show. Torose paid $10.4 million for the property, partially financing the purchase with an $8.6 million mortgage from Metropolitan Commercial Bank.
The seller, an affiliate of Dallas-based Invesco Real Estate, sold the building at 910 Lincoln Road for nearly $6 million less than its purchase price of $15.8 million in 2010, records show.
Currently leased to clothing store AllSaints, the property is near other retailers such as Nike, Apple and the Gap, according to an online brochure.
While Torose is making its first dive into the Miami Beach submarket, Sherman previously owned property on Lincoln Road 15 years ago, he said in an email.
“Lincoln road has gone through a correction over the past decade as rents shot up and a lot of restaurants and tenants that brought life to the street left,” Sherman wrote. “I have been monitoring the street closely and feel now is the right time to jump back in as rents have adjusted.”
He added: “Torose remains bullish on the long-term prospects of high-street retail in premier locations like Lincoln Road.”
Sherman’s former partner, Ben Mandell, CEO of Miami-based Tricera Capital, recently splashed into Lincoln Road as well. Tricera, with Miami Beach investors Scott Robins and Philip Levine as partners, paid $13.6 million for a distressed Lincoln Road retail building from New York-based RFR Realty. The joint venture also bought its property at a discount. In 2019, RFR paid $20.5 million, records show.
In 2022, Sherman left Tricera to form Torose. In addition to 910 Lincoln Road, Torose also owns six other commercial properties in Coral Gables, Miami, Bonita Springs, Tampa, St. Petersburg and Atlanta.
Last year, Torose joined forces with Coral Gables-based Terranova and Miami-based Lndmrk Development to purchase 255 Alhambra in Coral Gables. The joint venture paid $54.3 million for the 13-story mid-rise office building.