Retail center in wealthy South Florida city sold for $66.5M
SOUTH FLORIDA BUSINESS JOURNAL — June 1, 2016 — BY BRIAN BANDELL. Terranova sold the Suniland Shopping Center in Pinecrest for $66.5 million to a real estate investment trust.
Suniland Associates Ltd., an affiliate of Miami Beach-based Terranova, sold the property at 11325, 11401, 11415 S. Dixie Highway to DPF Suniland LLC, an affiliate of Denver-based Dividend Capital Diversified Property Fund. It has 82,000 square feet of retail space on 7.1 acres.
The price equates to $811 per square foot, which is a reflection of the wealthy demographics in Pinecrest. Mark Gilbert of Cushman & Wakefield brokered the deal.
Terranova previously acquired the property in two deals: $9.3 million in 1994 and $1.1 million in 1996. When factoring in the cash flow from operations, refinancing proceeds and sales proceeds, investors recieved an annualized internal rate of return of over 33 percent during the investment period, Terranova said.
