Terranova Affiliate Sells Beach Towers for $48.75 Million

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.

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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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Suniland Center Sells for $66.5 Million

DAILY BUSINESS REVIEW — June 1, 2016 — BY CARLA VIANNA. A Pinecrest retail trade generated a hefty profit after a long hold.

The Suniland Shopping Center traded for $66.5 million in a deal that broke down to $811 per square foot – a dollar figure that falls on the higher end of the transaction spectrum in the upscale suburban market, said a broker involved in the deal.

Sunny Land Associates Ltd., an affiliate of Miami Beach-based Terranova Corp., was able to sell the 82,000-square-foot strip mall within four months. Under Terranova ownership since the mid-1990s, the center sold Friday to Denver-based real estate investment fund, Dividend Capital Property Fund Inc., which has $2.4 billion in holdings in 21 markets.

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Overhaul: Coral Gables spruces up the Miracle Mile streetscape

FLORIDA TREND — June 2016 — BY ROCHELLE BRODER-SINGER. To boost evening and weekend business, downtown Coral Gables is undergoing major streetscape improvements. The two most radical changes on Miracle Mile will be 23-foot-wide sidewalks that can accommodate outdoor dining (sidewalks are currently 15 feet wide) and parallel parking along the street instead of angle parking. There will also be gardens, landscaping, more trees, decorative lighting and better directional signs, along with a new drainage system.

The parking change is the m ost controversial, since it will mean 96 fewer spaces (out of 236). Retailers – mostly locally owned stores – worry that customers who can’t easily park in front of their stores will go elsewhere.

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