THE BOCA RATON TRIBUNE – August 31, 2022
With new tenant announcements, Boca Raton is becoming the real estate market to watch
Terranova Corporation, a leading commercial real estate firm, and President Mindy McIlroy represented Shadowwood Square, a power center in Boca Raton, in its recent signing of two new tenants – Carter’s Retail Inc. (NYSE: CRI) and The Great Greek Mediterranean Grill. Carter’s Retail Inc., the largest branded marketer of baby and children’s clothing in the U.S., will occupy 4,442 square feet at 9831 Glades Road. The Great Greek Mediterranean Grill, a trans-generational Mediterranean dining experience, which will occupy 2,700 square feet at 9961 and 9963 Glades Road.
Over the last couple years, South Florida has seen an influx of high-end restaurants, businesses and retailers relocating their headquarters or expanding into the market. Boca Raton, known for its reputation as a luxurious city ranked on the IRS’s top 100 wealthiest U.S. cities list, has become an increasingly attractive option for companies seeking to make the move.
“We are thrilled to grow the Boca Raton community with the perfect additions of Carter’s Retail Inc. and The Great Greek Mediterranean Grill to Shadowwood Square,” Stephen Bittel, founder and chairman of Terranova, said. “With many businesses seeking to make their mark in the tri-county area, we are seeing an influx of family-focused businesses migrating to Boca Raton, a growing, family-oriented neighborhood.”
Carter’s Retail Inc. has been a trusted baby and children’s clothing vendor since its inception in 1865, having instilled a culture of care and quality. The company seeks out opportunities to positively impact the communities their stores are rooted in, finding ways to give back and ensure no product that could be used by a child is wasted.
Similarly, The Great Greek Mediterranean Grill is known for its heritage of tradition and togetherness, qualities sought after by family-friendly communities like Boca Raton. Founded by two third-generation restaurateurs, the company has established an atmosphere of generational love while making patrons feel right at home, creating a dining experience based on their own childhood memories spent with family and friends.
The 220,426 square foot retail center is conveniently located in West Boca at the northeast corner of US-441 and Glades Road, a high traffic location seeing up to 82,000 cars passing daily.
These tenants join Bed, Bath & Beyond, Best Buy, Old Navy and Regal Cinema, among others, at Shadowwood Square, continuing to expand Boca Raton’s commercial real estate landscape.
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Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
/in In the news, Redevelopment Construction ManagmentTHE REAL DEAL – September 9, 2022 BY FRANCISCO ALVARADO
Stephen Bittel’s Terranova Corporation plans to redevelop a former pharmacy in downtown Coral Gables into a four-story retail-and-office building.
The Arquitectonica-designed project at 93 Miracle Mile will include a 6,700-square-foot restaurant on the ground floor, 9,700 square feet of retail on the second and third floors and 7,300 square feet of offices on the fourth floor, according to a press release. Terranova filed plans with the city on Friday.
An affiliate of Miami Beach-based Terranova paid $6.8 million for the 0.2-acre site in December, records show. The vacant, 9,000-square-foot building on the property, built in 1950, was previously occupied by local chain Navarro Discount Pharmacy. The pharmacy closed in 2014 after the chain was acquired by CVS.
Terranova is the largest landowner on Miracle Mile, a section of Coral Way stretching through the city’s central business district, where the developer owns 15 properties totaling about 120,000 square feet. Its holdings include a pair of storefronts at 232 Coral Way and 330 Miracle Mile that it purchased for $7.8 million last year, and a single-story building at 300 Miracle Mile it acquired last year for $6 million.
The 93 Miracle Mile project’s proposed height falls within the Miracle Mile Overlay zoning code, a measure approved by the Coral Gables City Commission last year to spur commercial development along the corridor but limit “over-building,” the release states. The overlay caps building heights at four stories and bans parking garages on Miracle Mile while allowing small-scale, mixed-use projects like the one Terranova is proposing.
The nearly 37,000-square-foot development will incorporate photovoltaic glass to harness solar energy, battery systems to collect and store energy and a high-efficiency air-conditioning system, the release states. The rooftop will be used as a terrace greenspace.
Upon obtaining city approvals and permits, the developer expects the project to take one year to complete.
Founded in 1980 by Bittel, Terranova and its partners have more than $5 billion worth of commercial projects, according to the firm. It had previously planned a two-tower, mixed-use project with a 120-key hotel at 220 Miracle Mile, but put that project on hold last year after refinancing its portfolio along the strip with a $55 million loan.
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Boca’s Shadowwood Square Builds Tenant Roster With Two New Leases
/in In the news, LeasingCOMMERCIAL OBSERVER – September 1, 2022 BY MARK HALLUM
Boca Raton’s Shadowwood Square has two new tenants taking a combined 7,142 square feet of space.
Kids clothing purveyor Carter’s Retail took 4,442 square feet at 9831 Glades Road while The Great Greek Mediterranean Grill will move in nearby, having signed a lease for 2,700 square feet at 9961-9963 Glades Road, according to the landlord broker Terranova Corporation.
The 220,426-square-foot West Boca shopping center is also leased to Bed, Bath & Beyond, Best Buy, Old Navy and Regal Cinema.
“With many businesses seeking to make their mark in the tri-county area, we are seeing an influx of family-focused businesses migrating to Boca Raton, a growing, family-oriented neighborhood,” Terranova President Mindy McIlroy said in a statement.
Brandon Nocella of Strategic Retail Advisors represented Carter’s Retail in the 10-year lease negotiations, and did not immediately respond to a request for comment. Harlan Ginn of United Franchise Group, who could not be reached for comment, represented The Great Greek Mediterranean Grill securing a five-year lease.
Terranova declined to provide asking rents.
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Terranova’s Stephen Bittel Welcomes Two New Tenants to Boca Raton’s Shadowwood Square
/in In the news, LeasingTHE BOCA RATON TRIBUNE – August 31, 2022
With new tenant announcements, Boca Raton is becoming the real estate market to watch
Terranova Corporation, a leading commercial real estate firm, and President Mindy McIlroy represented Shadowwood Square, a power center in Boca Raton, in its recent signing of two new tenants – Carter’s Retail Inc. (NYSE: CRI) and The Great Greek Mediterranean Grill. Carter’s Retail Inc., the largest branded marketer of baby and children’s clothing in the U.S., will occupy 4,442 square feet at 9831 Glades Road. The Great Greek Mediterranean Grill, a trans-generational Mediterranean dining experience, which will occupy 2,700 square feet at 9961 and 9963 Glades Road.
Over the last couple years, South Florida has seen an influx of high-end restaurants, businesses and retailers relocating their headquarters or expanding into the market. Boca Raton, known for its reputation as a luxurious city ranked on the IRS’s top 100 wealthiest U.S. cities list, has become an increasingly attractive option for companies seeking to make the move.
“We are thrilled to grow the Boca Raton community with the perfect additions of Carter’s Retail Inc. and The Great Greek Mediterranean Grill to Shadowwood Square,” Stephen Bittel, founder and chairman of Terranova, said. “With many businesses seeking to make their mark in the tri-county area, we are seeing an influx of family-focused businesses migrating to Boca Raton, a growing, family-oriented neighborhood.”
Carter’s Retail Inc. has been a trusted baby and children’s clothing vendor since its inception in 1865, having instilled a culture of care and quality. The company seeks out opportunities to positively impact the communities their stores are rooted in, finding ways to give back and ensure no product that could be used by a child is wasted.
Similarly, The Great Greek Mediterranean Grill is known for its heritage of tradition and togetherness, qualities sought after by family-friendly communities like Boca Raton. Founded by two third-generation restaurateurs, the company has established an atmosphere of generational love while making patrons feel right at home, creating a dining experience based on their own childhood memories spent with family and friends.
The 220,426 square foot retail center is conveniently located in West Boca at the northeast corner of US-441 and Glades Road, a high traffic location seeing up to 82,000 cars passing daily.
These tenants join Bed, Bath & Beyond, Best Buy, Old Navy and Regal Cinema, among others, at Shadowwood Square, continuing to expand Boca Raton’s commercial real estate landscape.
CLICK HERE FOR THE FULL ARTICLE