CURBED — June 1, 2016 — BY JOSH BAUMGARD. Terranova’s Suniland Associates Ltd., just sold Suniland Shopping Center for a whopping $66.5 million to Denver-based Dividend Capital Property Fund.
The 82,000-square-foot property was originally purchased beginning 22 years ago in two transactions, notes the release, in 1994 for $9.3 million and an out piece in 1996 for $1.1 million.
It’s located off 112th Street and US1, with tenants including Flanigans, SunTrust, U.S. Post Office, CVS, and Wagons West, a longtime favorite.
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Suniland Center Sells for $66.5 Million
/in Acquisitions, General, In the newsDAILY 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
/in General, In the news, Market Research, Receiverships Expert Testimony, Redevelopment Construction ManagmentFLORIDA 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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Suniland Shopping Center in Pinecrest Sells for $56M Profit
/in Acquisitions, General, In the newsCURBED — June 1, 2016 — BY JOSH BAUMGARD. Terranova’s Suniland Associates Ltd., just sold Suniland Shopping Center for a whopping $66.5 million to Denver-based Dividend Capital Property Fund.
The 82,000-square-foot property was originally purchased beginning 22 years ago in two transactions, notes the release, in 1994 for $9.3 million and an out piece in 1996 for $1.1 million.
It’s located off 112th Street and US1, with tenants including Flanigans, SunTrust, U.S. Post Office, CVS, and Wagons West, a longtime favorite.
CLICK HERE FOR THE FULL ARTICLE