Terranova Affiliate Sells Suniland Shopping Center for $66.5 Million

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MIAMI BEACH, FL – May 31, 2016 – Concluding a 22 plus year investment, Suniland Associates, Ltd. sold the Suniland Shopping Center on Friday for $66.5 million dollars.

Originally purchased in two transactions, in 1994 for $9,295,000 plus an out piece in 1996 for $1,121,300, the gain to investors over the long hold was extraordinary when cash flow from operations, refinancing proceeds, and sale proceeds were combined.

Investors received an annualized internal rate of return over the investment period of 33 percent.  Terranova Chairman Stephen Bittel said, “we have been so proud to grow the value of Suniland throughout our holding period. Suniland has always been and will continue to be the heart of the Village of Pinecrest.  With great demographics and traffic and Terranova’s constant love and attention, we made magic.  While we are sad to say goodbye, we are optimistic that the buyers, a Denver based private REIT will enjoy a future ownership as wonderful as ours has been. Suniland has provided one of the most remarkable returns on a real estate investment ever, returning an equity multiple of twenty five times.”

The 82,000 square foot property on 7.11 acres on U.S.1 in Pinecrest includes as tenants Flanigans, SunTrust, Citicorp, the U.S. Post Office, CVS, Nicklaus Children’s Hospital, and longtime community favorites Pete’s Barber Shop and Wagons West.  The sale was exceptionally brokered by Mark Gilbert of Cushman and Wakefield.

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Terranova Corporation, South Florida’s leading commercial real estate advisory firm, currently is involved with commercial real estate assets for its clients and its own portfolio valued at more than $1 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions, dispositions, financing, construction management and development services.

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Terranova / Acadia Buy 3 Buildings in $52 Million Lincoln Road Deal

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MIAMI BEACH, FLORIDA – February 17, 2011 – Joint venture affiliates of Terranova Corporation and Acadia Realty Trust (NYSE: AKR) have closed on a landmark three building deal for the acquisition of 741 Lincoln Road, 600 Lincoln Road, and 723 North Lincoln Lane in sunny Miami Beach. The approximately $52 million deal for the three properties adds a little over 61,000 square feet to their growing urban street front retail portfolios.

Current tenants at the properties include Starbucks, Geox Shoes, and Zagat-rated restaurants Sushi Samba Dromo and Tacontento. Terranova will manage and lease the Lincoln Road properties with Mindy McIlroy, Terranova Executive Vice President heading up leasing efforts.

Lincoln Road, an 8-block open-air pedestrian mall between Alton Road and Washington Avenue, is an exciting destination for south Florida residents and tourists alike, featuring high-end restaurants, boutiques, and bars where shoppers and diners can expect to enjoy the most modern shopping and entertainment paired with a lively nightlife scene. The street generates some of the highest per square foot sales in Florida as one of the only 24-hour retail destinations.

Lincoln Road is undergoing a mini-boom motivated in part by the opening of the New World Symphony campus designed by renowned architect Frank Gehry. Top retailers recently coming to Lincoln Road include Forever 21, Danny Meyer’s Shake Shack, and Rosa Mexicana. Another major anchor is working a big deal as well.

While other Miami-Dade retail destinations noted declines in rental rates and occupancy, Lincoln Road rents have continued to grow as retailer competition for this unique location has been intense.

“The three property Lincoln Road acquisition greatly enhances our fashion forward street front retail product. Terranova now has a 61,000 sq foot presence on Lincoln Road, once known as the 5th avenue of the south, and we will expand that moniker to Lincoln Lane as local and national tenants clamor for retail space as buyers make their return to Miami Beach,” said Terranova Chairman Stephen Bittel. “We are thrilled to have Acadia join us in the venture, providing capital, along with deep experience and acute knowledge of urban retailing. The Acadia team brings much to the venture in their first south Florida investment.”

Terranova Corporation, South Florida’s leading commercial real estate advisory firm, currently is involved with commercial real estate assets for its clients and its own portfolio valued at over $1 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions, dispositions, financing, construction management and development services.

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Terranova Capital Markets Activities Reach $271 Million in First Half

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MIAMI BEACH, FLORIDA – July 12, 2007 – Terranova Corporation’s Capital Markets activities have made a major impact in the first half of 2007, reaching $271 million in sales and acquisitions in South Florida. During the past six months Terrranova has led sales or acquisitions for Concord Shopping Center, Kendall Mall, Paraiso Parc, Flagler Park Plaza and Grande View Apartment Homes.