Miami Beach Becoming a ‘One-Stop Shop’ for Executives, Driving CRE Investment

ALM LAW.COM, by Melea VanOrstand  – “From November of 2021 to November 2022, the road got 8 million people,” said Mindy McIlroy, president of Terranova Corp.

The continuing influx of new-to-market residents and travelers to Miami Beach and the Lincoln Road District has led to an increase in real estate and hospitality investments.

A huge increase in foot traffic is contributing to the growth of businesses, according to Mindy McIlroy, president of Terranova Corp.

“From November 2021 to November 2022, the road got 8 million people. So that’s a lot of people that have trafficked Lincoln Road, which we think is terrific,” she said. “With the wealth migration coming from the Northeast, we’re also seeing a lot of retailers that are interested in traveling down south as well that follow their customers, so there have been more stores that are opening on Lincoln Road, that have bases in the Northeast area.”

As McIlroy sees it, anytime there is a new office or hospitality business in a district, it draws in more residents and guests.

“They’re enjoying breakfast before they go to work, they’re shopping and going out to lunch, they’re staying in the district later to enjoy the activities Miami Beach and Lincoln Road have to offer,” McIlroy said. “It’s a great thing for Miami Beach to have all of this new development happening in and around Lincoln Road.”

Lincoln Road has an occupancy rate of more than 85%. Many premier retail and restaurant brands are choosing the area due to its iconic significance and the destination’s strong post-pandemic recovery, McIlroy said.




Stephen Bittel’s Terranova Inks Deal with New Tenants for Shadowwood Square in Boca Raton

BOSS EDITORIAL – September 26, 2022 South Florida’s temperate weather and beautiful coastline has long drawn retirees to the eastern tip of the Sunshine State, but over the past few years the area has been an increasingly popular destination for younger residents too. In addition to the draw of working remotely from the beach, the availability of homes and lack of state income tax has seen Florida gain more than 200,000 residents in the last year, making it second only to Texas in population growth.

The influx of people has created new shifts in the makeup of the cities within the greater Miami metropolitan area. According to Stephen Bittel, founder and chairman of the commercial real estate firm Terranova Corporation, one of these shifts include a growing number of family-friendly businesses migrating to the markedly luxurious Boca Raton.

Indeed, Terranova’s retail center Shadowwood Square located in west Boca Raton recently signed two new tenants under that category: Carter’s Retail Inc., the largest branded marketer of baby and children’s clothing in the United States; and The Great Greek Mediterranean Grill, a fast-casual franchise with over 40 locations across the country and eight in South Florida alone.  


Boca’s Shadowwood Square Builds Tenant Roster With Two New Leases


Boca Raton’s Shadowwood Square has two new tenants taking a combined 7,142 square feet of space.

Kids clothing purveyor Carter’s Retail took 4,442 square feet at 9831 Glades Road while The Great Greek Mediterranean Grill will move in nearby, having signed a lease for 2,700 square feet at 9961-9963 Glades Road, according to the landlord broker Terranova Corporation.

The 220,426-square-foot West Boca shopping center is also leased to Bed, Bath & BeyondBest BuyOld Navy and Regal Cinema.

“With many businesses seeking to make their mark in the tri-county area, we are seeing an influx of family-focused businesses migrating to Boca Raton, a growing, family-oriented neighborhood,” Terranova President Mindy McIlroy said in a statement.

Brandon Nocella of Strategic Retail Advisors represented Carter’s Retail in the 10-year lease negotiations, and did not immediately respond to a request for comment. Harlan Ginn of United Franchise Group, who could not be reached for comment, represented The Great Greek Mediterranean Grill securing a five-year lease.

Terranova declined to provide asking rents.