Retail Rocks as Terranova Puts up Huge 1st Quarter Numbers

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MIAMI BEACH, FLORIDA – March 31, 2011 – With 13 leases for approximately 100,000 square feet worth $10 million, Terranova is on a roll as the quarter comes to a close.

Terranova Corporation’s leasing team is on fire with a streak of 13 retail leasing deals totaling 100,000 sq feet and valued at over $10 million all done within the last 60 days. Leases have been done throughout the tri-county area with the majority inked for retail space in red hot Miami-Dade County.

“Retailers are again aggressively seeking expansion,” said Terranova Executive Vice President Mindy McIlroy, who brokered the recent influx of deals including Energy Kitchen, a health-conscious fast food chain that will open its first South Florida location in June in Suniland Shopping Center, followed by the addition of anchor tenants Sabor Tropical Supermarket to Biscayne Plaza Shopping Center in Miami’s Upper East Side, and Navarro Discount Pharmacy to Westfork Plaza in Pembroke Pines. “The flurry of new leasing activity show that the road to economic recovery for retail real estate is well on its way,” added McIlroy.

These deals follow an aggressive expansion by Anna’s Linens, an exclusive tenant representation assignment of Terranova. Terranova recently closed four new retail locations for Anna’s Linens, in Miami-Dade, Broward, and Palm Beach counties. The four new deals mark a big push in Anna’s business growth in South Florida.

Additional Terranova deals include the 988 sq foot expansion of Pines Discount Pharmacy in Palm Johnson Plaza in Pembroke Pines, 2,047 sq ft addition of Crocs Retail in Sawgrass Commons in Sunrise, 2,300 sq ft addition of Beyond Nails in Red Road Commons in Coral Gables, the 3,500 sq foot addition of Senior Adult Day Care and 1,000 sq ft addition of Clippers & Scissors in Palm Plaza in Miami Lakes, and the addition a 4,000 sq ft Rent-a-Center in El Mercado Shopping Center in Hialeah.

According to Terranova’s most recent Shopping Center Update Report, shopping center occupancy in Miami-Dade is indeed improving. Shopping center occupancy in Miami-Dade jumped from 92% at the close of 2009 to 94% at the close of 2010.

The reawakening of retail activity bodes well for Terranova’s newest assignment, a 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 Terranova’s growing urban street front retail portfolio. Joint venture affiliates Terranova and Acadia Realty Trust closed on the Lincoln Road properties in February of this year. Terranova will manage and lease the high profile, pedestrian-friendly, street front retail.

“The Terranova leasing team is energized and well prepared for this boost in leasing activity,” said Terranova Chairman Stephen Bittel. “Our market research consistently indicated an increase was impending, so our team is strategically positioned to capitalize on the South Florida retail boom.”

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 adds Healthy Quick Service Choice ‘Energy Kitchen’ to Suniland Shopping Center

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MIAMI BEACH, FLORIDA – March 8, 2011 – Terranova is pleased to announce that health-conscious fast food chain Energy Kitchen has selected Suniland Shopping Center as its first location in South Florida. The approximately 2,500 square foot long term deal was brokered by Terranova Executive Vice President Mindy McIlroy.

Energy Kitchen, a health-conscious quick service restaurant that currently operates 10 restaurants in the New York City area, serves nothing over 500 calories and believes that fast food can indeed be good for you. Its menu includes non-traditional fare such as bison and ostrich burgers in addition to the typical healthy wraps and protein shakes, and everything is baked, steamed and grilled. Today, Energy Kitchen runs four corporate stores and six franchisee-owned locations with approximately 55 stores in development in Florida, Washington D.C., Boston, White Plains, Long Island and Maryland.

Suniland Shopping Center is located at 11325 South Dixie Highway, Pinecrest and is one of the most successful centers in the Miami-Dade submarket of Pinecrest. The center’s design allows excellent visibility from U.S. 1, and its location between two successful regional malls, Dadeland Mall to the north and The Falls to the south, gives the center exposure to some of Miami-Dade’s busiest business and shopping traffic making the center a prime location for growing retailers.

“The selection of Suniland Shopping Center by new franchise concept Energy Kitchen as its first South Florida location speaks to the benefits of being located in a well merchandized, well located center,” said McIlroy. “The Pinecrest community will be pleased with the addition. Health-conscious options are in high demand right now and Suniland Shopping Center is offering Pinecrest the first taste of a new option. Energy Kitchen’s sales will reflect the success of the center and of the rebounding market.”

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 adds 24,000 Square Foot Grocer to Biscayne Plaza

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MIAMI BEACH, FLORIDA – March 8, 2011 – Terranova is pleased to announce the addition of a new anchor tenant to Biscayne Plaza Shopping Center. Sabor Tropical Supermarket joins the shopping center in a long-term, approximately 24,000 square foot deal brokered by Terranova Executive Vice President Mindy McIlroy. Sabor Tropical will replace Presidente Supermarket as the Biscayne Plaza location will be Sabor Tropical’s fifth South Florida store.

Sabor Tropical is required to renovate the interior of the store no later than January 2012. The renovation will take place in the evenings while the store is closed to the public. Sabor Tropical will also be opening a café at the property in the long closed restaurant end cap of the grocer building.

Located at 561 NE 79th Street, Biscayne Plaza serves as a lasting retail staple to the surrounding areas of Miami’s Upper Eastside. Built in 1953, it is known as Miami’s first major suburban shopping center, and lies just north of the historic Miami Modern District. Biscayne Plaza bridges a unique array of urban and suburban communities such as Miami Shores, Little Haiti, Belle Meade, and El Portal.

“Sabor Tropical will be replacing the President Supermarket at Biscayne Plaza. There will be a seamless transition between President and Sabor Tropical, so there will be no impact to the community,” said McIlroy. “This is the first step in the right direction for the redevelopment of this community shopping center.”

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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