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TERMS OF SERVICE
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If you have any questions or concerns regarding any information presented in this policy, please contact us by telephone at 305.695.8700.
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Terranova Affiliate Sells Beach Towers for $48.75 Million
MIAMI BEACH, FL – July 15, 2016 – Concluding a 12-year investment, Beach Tower LLC sold two offices buildings located 1674 and 1688 Meridian Avenue yesterday for $48.75 million dollars to Ivy MBT Property, LLC. Originally purchased in 2004 in two transactions for $7,475,000 for 1674 Meridian and $19,550,000 for 1688 Meridian. Terranova Chairman Stephen Bittel said, “we are delighted with the positive conclusion of this investment. Our current development of two neighboring three story retail buildings…
Terranova Affiliate Sells Suniland Shopping Center for $66.5 Million
MIAMI BEACH, FL – May 31, 2016 - Concluding a 22 plus year investment, Suniland Associates, Ltd. sold the Suniland Shopping Center on Friday for $66.5 million dollars. Originally purchased in two transactions, in 1994 for $9,295,000 plus an out piece in 1996 for $1,121,300, the gain to investors over the long hold was extraordinary when cash flow from operations, refinancing proceeds, and sale proceeds were combined. Investors received an annualized internal rate of return over the investment period of…
Terranova / Acadia Buy 3 Buildings in $52 Million Lincoln Road Deal
MIAMI BEACH, FLORIDA - February 17, 2011 - Joint venture affiliates of Terranova Corporation and Acadia Realty Trust (NYSE: AKR) have closed on a landmark three building deal for the acquisition of 741 Lincoln Road, 600 Lincoln Road, and 723 North Lincoln Lane in sunny Miami Beach. The approximately $52 million deal for the three properties adds a little over 61,000 square feet to their growing urban street front retail portfolios. Current tenants at the…