The latest of what’s going on from Terranova’s office to yours.

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 Leases to Don Patacón at Bird Village Plaza

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MIAMI BEACH, FLORIDA – December 21, 2010 – Terranova Corporation is pleased to announce the addition of Don Patacón Colombian Restaurant to Bird Village Plaza, a 16,583 square foot shopping center located at 14713 SW 42nd Street.

The 5 year deal secures a 1,135 square foot space for Don Patacón. Rafael Romero, Terranova Commercial Associate, represented the landlord in the transaction. This is just one of many recent additions to the center further displaying the active expansion at Bird Village Plaza. The restaurant will add to the center’s dining options which currently include Subway and Wendy’s.

Bird Village is anchored by a 24-hour CVS and is located in an area where the average household income within a 3 mile radius is approximately $71,000.

“Don Patacón will be one of seven retailers that make an arrival at Bird Village Plaza before Christmas,” said Romero. “There is a significant momentum building as a result of an aggressive landlord looking to make deals. We’re looking to finish strong in 2010 and for an even better 2011.”

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 Launches Arts Incubator at Suniland Shopping Center

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MIAMI BEACH, FLORIDA – November 23, 2010 – Suniland Shopping Center, 11325 South Dixie Highway, Pinecrest, is now home to the first Terranova Arts Incubator resident, award winning artist Phil Fung. The Terranova Arts Incubator is a “pop-up shop” program that offers vacant retail space at subsidized rates to hand-selected designers, artists, artisans, curators and creatives.

The Arts Incubator program aims to foster a mutually beneficial relationship between commercial real estate developers and the growing south Florida artist community by providing one of the most elusive commodities, space to create and display work, thus driving increased foot traffic to the centers, enlivening vacant store fronts and helping to broaden the audience for contemporary art and design.

Terranova welcomes Phil Fung as the inaugural Arts Incubator artist. Fung, who currently residents in Pinecrest, creates art that reflects his unique upbringing and his optimistic view of the world. Fung attended Florida State University majoring in Studio Art, has his Masters in Art Education from the University of Central Florida, and was the grand prize winner of the 2008 Manifest Hope International Art competition. Fung’s gallery space at Suniland will soft open the third week in November with the grand opening scheduled for Thursday, December 2, in time for Art Basel.

Suniland Shopping Center, a popular destination for lunch, errands and casual dining, 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 a “pop-up shop” and other long-term retailers. While relatively new to south Florida the “pop-up shop” concept has flourished in New York, Chicago, and LA, originating across the pond in London. The concept is a way for landlords to fill vacant space and for tenants it allows a place to determine the reception of a brand, to develop a distinct message around the brand, and to help launch a new product without the long term commitment of a lease.

Artists are invited to apply for space not only at Suniland Shopping Center, but at various other locations available throughout the Terranova portfolio.

“The launch of the Terranova Arts Incubator program has been something that we have been eagerly looking forward to all year,” said Kelliann McDonald, Terranova Marketing & PR Manager. “Not only is Suniland the perfect location for Phil to showcase is dynamic award winning work and the program mutually beneficial for all involved, but Suniland Shopping Center is the premier center to accommodate the increased traffic with its various casual dining options, convenience shopping, and hassle-free parking. We invite the public to stop by and take a browse.”

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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