Ackerman & Co. has secured $117 million in financing for Comras Company to acquire five buildings along Lincoln Road in Miami Beach, paving the way for the redevelopment of the area into NoLi, a newly curated retail, dining and lifestyle destination. Jonathan Rice, Executive Vice President of Capital Markets for Ackerman & Co., arranged the financing with ACORE Capital. Comras acquired the five buildings, located along the popular Lincoln Road pedestrian mall, from affiliates of Morgan Stanley and Terranova Corp.
"I'm thrilled to secure this financing for my longtime client, Comras Company, for this exciting redevelopment. NoLi promises to be another transformative development by Comras in Miami Beach, alongside recently completed projects like the CocoWalk redevelopment in Coconut Grove and the retail component of Miami World Center," said Jonathan Rice.
Plans call for renovations to create more than 40 inline retail spaces for a curated blend of boutique retail, dining, wellness and lifestyle concepts, with the goal of opening in the first quarter of 2027. The combined properties total 150,000 square feet at 600-612, 719-737, 741 and 801 Lincoln Road and 723 N. Lincoln Lane. Lincoln Road is also set to benefit from almost $30 million in city-funded streetscape upgrades that will include fresh landscaping, additional outdoor seating, improved lighting and expanded sidewalks.
This financing underscores the continued investor confidence in Miami Beach's retail market, particularly along Lincoln Road, which has long been a premier shopping and dining destination. The NoLi redevelopment aims to revitalize the corridor with a curated mix of tenants, responding to evolving consumer preferences for experiential retail and lifestyle offerings. With Comras Company's track record of transforming South Florida's commercial districts—including Wynwood, Miami Design District, and Coconut Grove—the project is poised to attract high-profile brands and enhance the pedestrian experience.
Ackerman & Co., headquartered in Atlanta, is a full-service commercial real estate firm with a strong Southeast presence. Its retail division has completed over 10 million square feet of transactions valued at $1.7 billion. For more information, visit ackermanco.com.
