Suniland Shopping Center in Pinecrest Sells for $56M Profit

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CURBED — June 1, 2016 — BY JOSH BAUMGARD. Terranova’s Suniland Associates Ltd., just sold Suniland Shopping Center for a whopping $66.5 million to Denver-based Dividend Capital Property Fund.

The 82,000-square-foot property was originally purchased beginning 22 years ago in two transactions, notes the release, in 1994 for $9.3 million and an out piece in 1996 for $1.1 million.

It’s located off 112th Street and US1, with tenants including Flanigans, SunTrust, U.S. Post Office, CVS, and Wagons West, a longtime favorite.

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Retail center in wealthy South Florida city sold for $66.5M

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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.

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Pinecrest shopping center sells for $66.5 million

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MIAMI HERALD — May 31, 2016 — BY NICHOLAS NEHAMAS. A shopping center in Pinecrest sold for $66.5 million Tuesday, reflecting a retail boom in South Florida.

An affiliate of Miami Beach-based commercial real-estate firm Terranova paid $9.3 million for the 82,000-square-foot Suniland Shopping Center in 1994, adding on another parcel of land for $1.1 million two years later. The buyer is a real-estate investment trust based in Denver. Tenants include CVS, a U.S. Post Office, SunTrust and Flanigan’s restaurant.

Developers have been buying and building new malls across South Florida in response to population growth and increased tourism.

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