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

Pinecrest shopping center sells for $66.5 million

/in , ,

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.

CLICK HERE FOR THE FULL ARTICLE

Terranova sells Suniland Shopping Center to Dividend Capital: $66.5M

/in , ,

THE REAL DEAL — May 31, 2016 — BY INA CORDLE. A Terranova Corp. affiliate just sold Suniland Shopping Center to Denver-based Dividend Capital for $66.5 million,

Terranova’s Suniland Associates Ltd., had owned the property for 22 years, originally purchasing the center in two transactions: paying $9.3 million in 1994, then buying an out-parcel for $1.12 million in 1996. The total was $10.4 million for the 82,000-square-foot property on 7.11 acres at 11325 South Dixie Highway in Pinecrest.

The latest sale price equates to $811 per square foot.

Investors received an annualized internal rate of return over the investment period of 33 percent, Terranova said in a release. “Suniland has provided one of the most remarkable returns on a real estate investment ever, returning an equity multiple of twenty five times,” Terranova Chairman Stephen Bittel said in a statement.

CLICK HERE FOR THE FULL ARTICLE

Retail project on South Beach’s Lincoln Road launches construction

/in ,

SOUTH FLORIDA BUSINESS JOURNAL — April 13, 2016 — BY BRIAN BANDELL. Terranova Corp. has started its construction and renovation project on South Beach’s trendy Lincoln Road retail strip.

Miller Construction Co. is the general contractor for the $11.8 million project at 801 Lincoln Road. About half of the building was demolished and a new, three-story shop will be built on the corner of Meridian Avenue.

CLICK HERE FOR THE FULL ARTICLE