Alto Real Estate Funds bought a Lincoln Road building for $18.9 million, marking the third South Beach retail deal so far this month.
Gombinski Properties sold the property at 900-904 Lincoln Road in Miami Beach to Alto Real Estate, which offers several funds to investors, according to deal broker Ran Ziv.
Ziv and Sean Shahad Ziv, both of GLT Group Brokerage, represented the seller and found the buyer.
Gombinski Properties, a family organization led by Steven Gombinski, bought the 7,142- square-foot property on the corner of Lincoln Road and Jefferson Avenue in 1985 for $235,000, records show. It is on less than 0.2 acres.
Gombinski renovated it in 2015, and two years later leased part of the building to Aerie, a lingerie retailer that is a subsidiary of American Eagle Outfitters.
Aerie still is the only tenant, leaving 38 percent of the space up for lease, according to Ran Ziv.