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

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

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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.

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Retail project on South Beach’s Lincoln Road launches construction

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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.

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Check out construction of the new Miami Beach Anthropologie

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THE REAL DEAL — April 13, 2016 — BY KATHERINE KALLERGIS. Terranova Corporation is moving forward with construction of its 801 Lincoln Road project, a new retail and restaurant building that will house retailer Anthropologie.

The development firm and brokerage, led by Stephen Bittel, tapped Miller Construction Company to build the $11.8 million project just north of Lincoln Road on Meridian Avenue. It will be completed by the end of 2016, according to a press release.

Construction crews have demolished about half of the building, formerly occupied by Abuela’s and Deco Drive Cigars. The existing property will connect to the new three-story, 27,077-square-foot structure designed by Shulman + Associates with Wolfberg Alvarez & Partners. It will feature a glass exterior, a restaurant on the top floor with Anthropologie on the first two floors.

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