CBRE Global Investors and Universal-Investment have acquired an upscale office and retail property in Miami Beach, Florida, on behalf of Germany’s largest pension fund.

The acquisition of 1111 Lincoln, which is located at the entrance to a retail promenade considered the main shopping area in Miami beach, was made for Bayerische Versorgungskammer (BVK).

It has 146,327sqft of space, including 94,488sqft of office space, 51,839sqft of retail space and a 300-space car park, along with an open-air event space.

The price of the purchase was not disclosed.

Stuart Sziklas, managing director at CBRE Global Investors-Americas, said: “We see great opportunity with this newly redeveloped, one-of-a-kind property in the Miami market.”

The property was well-suited to a changing retail environment, he said.

“We look forward to working to enhance it further through our active asset management approach and our international platform,” Sziklas said.

Alexander Tannenbaum, managing director at Universal-Investment in charge of the real estate division, said Miami was still a top US population and job growth market and had good prospects for expansion in the long term.