Current media coverage and upcoming developments hand-picked from the industry.

Overhaul: Coral Gables spruces up the Miracle Mile streetscape

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FLORIDA TREND — June 2016 — BY ROCHELLE BRODER-SINGER. To boost evening and weekend business, downtown Coral Gables is undergoing major streetscape improvements. The two most radical changes on Miracle Mile will be 23-foot-wide sidewalks that can accommodate outdoor dining (sidewalks are currently 15 feet wide) and parallel parking along the street instead of angle parking. There will also be gardens, landscaping, more trees, decorative lighting and better directional signs, along with a new drainage system.

The parking change is the m ost controversial, since it will mean 96 fewer spaces (out of 236). Retailers – mostly locally owned stores – worry that customers who can’t easily park in front of their stores will go elsewhere.

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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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