801 arthur godfrey rd

suite 600

miami beach, florida 33140


T: 305 695 8700  


Privacy Statement

Privacy Statement

Website Terms of service and privacy policy



Informational Purposes Only: The material on the Terranova Corporation (“Terranova”) website has been prepared and published for informational purposes only. This website may contain links to other resources on the internet, both those of affiliated companies, and of third parties. We take no responsibility for the content, accuracy, or timeliness of those other websites, nor do we endorse any commercial products that may be advertised or available on those websites.

License and Website Access: Terranova grants you a limited license to access and use this website solely for personal noncommercial purposes. You may not download (other than page caching) or modify it, or any portion of it, except with the express prior written consent of Terranova. This license does not include any resale or commercial use of this website or its contents; any collection and use of any property listings, descriptions, or prices; any derivative of this website or its contents; or any use of data mining, robots, or similar data gathering and extraction tools. This website or any portion of this website may not be reproduced, copied, sold, resold, visited, or otherwise exploited for any commercial purpose without express prior written consent of Terranova. You may not frame or utilize framing techniques to enclose any trademark, logo, or other propietary information, including, but not limited to, images, text, page layout, or form, or use any meta tags or any other "hidden text" utilizing Terranova's name or trademarks, without the express written consent of Terranova. You are granted a limited, revocable, and nonexclusive right to create a hyperlink to the home page of Terranova, so long as the link does not portray Terranova in a false, misleading, derogatory, or otherwise offensive manner. You may not use the Terranova logo or other proprietary graphics as part of the link without the express written permission of Terranova.

Copyright: All content included on this website, such as text, graphics, logos, button icons, images, audio clips, digital downloads, data compilations, and software is the property of Terranova protected by the United States and international copyright laws. The compilation of all content on this website is the exclusive property of Terranova and protected by U.S. and international copyright laws.

Trademarks: terranovacorp.com and the Terranova name and other Terranova graphics, logos, page headers, button icons, scripts, and service names are trademarks of Terranova . These tradmarks may not be used in connection with any product or service that is not Terranova's, in any manner that is likely to cause confusion among customers, or in any manner that disparages or discredits Terranova.

Illegal or Abusive Usage is Strictly Prohibited: You may not use this website for any illegal or unauthorized purpose. International users agree to comply with all local law as regarding online conduct and acceptable content. We may block or withhold your access to the website if we have reasonable grounds to suspect any breach by you of these terms and conditions, that we or any user has incurred or may incur any liability in connection with the website, or if your use of the website is otherwise inappropriate. You may be subject to legal action should you be found to have engaged in illegal or abusive usage of our website.

Disclaimer and Indemnity: Terranova disclaims any and all liability for any loss, damage, or other liability whatsoever arising from the use of this website or the terms and conditions in connection with this website and specifically excludes all warranties, conditions and terms, whether express or implied to the fullest extent permitted by law. You agree to indemnify Terranova against any liabilities, claims, and expenses that may arise from your use of the website and any breach of these terms and conditions by you, your employees, or agents.

Modification of Terms and Conditions: Terranova may modify these terms and conditions at any time by post of the new version on the website. You will have agreed to such revised version if you continue using the website after the change or modification is posted. You should check the terms and conditions periodically to ensure that you are aware of and are complying with the current version.

Online Privacy Policy

Terranova respects the privacy rights of our online visitors and recognizes the importance of protecting the information collected from you.

Terranova will not sell, borrow, or share your contact information with any outside parties. All information collected (which will be limited to name, e-mail address, physical address, and phone number) will only be used and accessible to selected Terranova representatives. We respect your privacy and will only use your information to improve customer service, website functionality, and to communicate with you. Communications may include, but are not limited to:

  • Responses to your inquiries
  • To send periodic news and company updates
  • To share research reports created by our internal Marketing department

If you have any questions or concerns regarding any information presented in this policy, please contact us by telephone at 305.695.8700.


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Terranova at ICSC RECon 2018


May 24, 2018 — Just back home to Miami after my 35th year in a row attending the International Council of Shopping Center’s annual RECon convention in Las Vegas with a big team from Terranova. It was an intimate gathering of nearly 40,000 of our closest friends in the retail real estate industry including tenants, lenders, debt and equity capital providers, owners, developers and all the attendant professionals and vendors from lawyers and architects, to maintenance companies, title firms to sign companies, and on and on and on . . .

“This year was different” is a thought I have every year. Foremost this year is that my two sons, both in the industry, Daniel with Global Fund and Ari, working on his own endeavors to establish himself in Miami’s real estate market after moving from New York, were at the convention. I was proud to have them dine with us in the evening, prior to my usual early bedtime.

Traffic on the trade show flow seemed less than last year, but still way above 2009, the darkest moment in the industry. Much of the chatter was about experiential retail, something Terranova has been talking and writing about for a few years: we need to give people a reason to visit our properties.  Food Halls are all the rage and Terranova is right there with our Lincoln Eatery, just off Lincoln Road, getting set to turn over spaces to our tenants in the next weeks for them to get ready for a winter opening. The brick and mortar retail competition with the internet is an ongoing topic, combined with the retail/ecommerce industrial surge. We got that message loud and clear with our purchase in December 2017, of the Pepsi distribution facility on the Palmetto Expressway (State Road 826) in the city of Doral where we plan to build a state of the art industrial park on the final, last mile site to Miami International Airport. So, we felt good that we were focused on all the right things.

The usual world of parties was meaningfully restrained from prior years for a variety of reasons:  cost containment in a transaction reduced market, an era of great transition in social interactions, and the overlap with the Jewish holiday of Shavuos.  Attendees seem to have arrived later than usual and most departed on Tuesday, making it a shorter than usual trip.

Leasing activity seems steady, but measured, with every deal taking a bit longer but with leases getting done. Service retail and restaurant uses seem to lead the way. Capital markets transactions seem influenced by caution as well with the slow ascent of interest rates giving pause to most buyers. The best assets in the best markets still seem to price well with lots of buyers as almost a trillion dollars of capital for this sector raised and unspent, worldwide. Anything less than the best—has much less interest and unsatisfying pricing for the sellers, with pricing definitely off the peak. Fund buyers need to keep putting out money, while REIT and private buyers have pulled back, negatively impacting pricing as compared to two years or more ago.

Overall, in a world of internet retailers going to bricks and mortar stores, and old-line retailers trying to find their path forward, we continue to experience the continual evolution of retail, in malls, open air centers, and high street retail. The change is what keeps it interesting, and our challenge to stay ahead of the change is what keeps us awake at night and engaged. Retail real estate continues to provide a significant gathering place for people to stay connected to one another and seems to have a secure but changing place in our economic ecosphere going forward.

Stephen Bittel

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