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 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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Terranova Leases to Don Patacón at Bird Village Plaza
/in Leasing, Press releasesMIAMI 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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