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 adds 24,000 Square Foot Grocer to Biscayne Plaza
/in Leasing, Press releasesMIAMI 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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Terranova Signs Navarro Discount Pharmacy to 16,000 sq ft at Westfork Plaza
/in Leasing, Press releasesMIAMI BEACH, FLORIDA – March 8, 2011 – Terranova Corporation is proud to announce the addition of Navarro Discount Pharmacy to Westfork Plaza, 15825 Pines Blvd, Pembroke Pines. The ten-year, approximately 16,000 square foot deal was broker by Terranova Executive Vice President Mindy McIlroy.
Navarro’s is the largest Hispanic-owned drugstore chain in the United States and believes that future growth lies in the ability to attract a wider range of consumers and carve out its niche among the national competitors. Navarro plans to expand within Florida and ultimately throughout the U.S. in order to appeal to a wider prototypical customer base. The Westfork location provided an opportunity to work toward this corporate initiative.
Westfork Plaza is a 252,000 square foot shopping center located at the intersection of Dykes Road and Pines Blvd. Navarro will join anchors Baptist Medical Plaza at Pembroke Pines, Office Max and Regal Cinemas.
“Westfork Plaza lies on Pines Boulevard, the major retail corridor in Broward County which links east and west Pembroke Pines and is easily accessible from I-75,” said McIlroy. “The high volume of traffic at this location and its sister property Paraiso Parc facilitates Navarro’s initiative to appeal to a wider demographic pool. Expanding in Broward County brings Navarro Discount Pharmacy one step closer to building brand awareness in Florida and closer to competing on the national level.”
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 / Acadia Buy 3 Buildings in $52 Million Lincoln Road Deal
/in Acquisitions, Press releasesMIAMI 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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