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

Terranova Affiliate Sells Beach Towers for $48.75 Million

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MIAMI BEACH, FL – July 15, 2016 – Concluding a 12-year investment, Beach Tower LLC sold two offices buildings located 1674 and 1688 Meridian Avenue yesterday for $48.75 million dollars to Ivy MBT Property, LLC. Originally purchased in 2004 in two transactions for $7,475,000 for 1674 Meridian and $19,550,000 for 1688 Meridian.

Terranova Chairman Stephen Bittel said, “we are delighted with the positive conclusion of this investment. Our current development of two neighboring three story retail buildings featuring Marshalls and Anthropologie as anchor tenants, will open the future of Meridian Avenue and expand Lincoln Road, Miami’s most famous landmark, an eight block expanse of shopping, dining, and entertainment.”

The redeveloped Terranova buildings will fuse with the ongoing growth of Lincoln Road establishments and its neighboring streets and alleys. This spillover of retail activity – already observable in stores and restaurants just off the main street are indications of a distinct Lincoln Road district that is forging not only shopping and dining, but also cultural, residential, educational and business activities.

The 89,834 and 30,132 square foot properties, just one block north of Lincoln Road on 17th Street and Meridian Avenue, includes as tenants Regus, Next Model Management, Verizon Wireless, Barclay’s Real Estate Group, SCPF, and Merchant Data Systems.

CLICK HERE FOR THE PDF PRESS RELEASE

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 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.

CLICK HERE FOR THE PDF PRESS RELEASE

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’s Website Takes Home the Silver ADDY Award

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MIAMI BEACH, FL – March 22, 2016 – Terranova Corporation’s website was honored with a Silver ADDY Award at the 2015-2016 American Advertising Awards presented by the Fort Lauderdale chapter of The American Advertising Federation. The ADDY awards recognize the highest level of creative excellence in an advertising medium.

helium creative, a full service advertising firm based in Ft. Lauderdale, was awarded for the design and development the agency submitted for Terranova’s redesigned corporate website. helium provided a look that reflected who Terranova is today, offering a sleek, engaging, and design-forward aesthetic allowing the viewer to recognize what makes Terranova the superior commercial real estate choice.

The American Advertising Awards are held annually and are the industry’s largest advertising competition, receiving more than 50,000 entries each year. The competition is first held locally within a chapter, which covers specific media markets. The chapter winners then advance to compete at the district and then national level.

“There is no greater honor than being recognized within the industry for our work!” says helium’s President and Creative Director Christopher Heller. “Receiving a Silver ADDY Award for the Terranova website is not only a testament to the hard work and creativity of the helium creative team, but also to our partnership with such a great client! Thanks Terranova for the opportunity to let our passion shine and know it will support your continued success!”

CLICK HERE FOR THE PDF PRESS RELEASE

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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