MIAMI BEACH, FL – May 31, 2016 – Concluding a 22 plus year investment, Suniland Associates, Ltd. sold the Suniland Shopping Center on Friday for $66.5 million dollars.
Originally purchased in two transactions, in 1994 for $9,295,000 plus an out piece in 1996 for $1,121,300, the gain to investors over the long hold was extraordinary when cash flow from operations, refinancing proceeds, and sale proceeds were combined.
Investors received an annualized internal rate of return over the investment period of 33 percent. Terranova Chairman Stephen Bittel said, “we have been so proud to grow the value of Suniland throughout our holding period. Suniland has always been and will continue to be the heart of the Village of Pinecrest. With great demographics and traffic and Terranova’s constant love and attention, we made magic. While we are sad to say goodbye, we are optimistic that the buyers, a Denver based private REIT will enjoy a future ownership as wonderful as ours has been. Suniland has provided one of the most remarkable returns on a real estate investment ever, returning an equity multiple of twenty five times.”
The 82,000 square foot property on 7.11 acres on U.S.1 in Pinecrest includes as tenants Flanigans, SunTrust, Citicorp, the U.S. Post Office, CVS, Nicklaus Children’s Hospital, and longtime community favorites Pete’s Barber Shop and Wagons West. The sale was exceptionally brokered by Mark Gilbert of Cushman and Wakefield.
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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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Retail center in wealthy South Florida city sold for $66.5M
/in Acquisitions, General, In the newsSOUTH FLORIDA BUSINESS JOURNAL — June 1, 2016 — BY BRIAN BANDELL. Terranova sold the Suniland Shopping Center in Pinecrest for $66.5 million to a real estate investment trust.
Suniland Associates Ltd., an affiliate of Miami Beach-based Terranova, sold the property at 11325, 11401, 11415 S. Dixie Highway to DPF Suniland LLC, an affiliate of Denver-based Dividend Capital Diversified Property Fund. It has 82,000 square feet of retail space on 7.1 acres.
The price equates to $811 per square foot, which is a reflection of the wealthy demographics in Pinecrest. Mark Gilbert of Cushman & Wakefield brokered the deal.
Terranova previously acquired the property in two deals: $9.3 million in 1994 and $1.1 million in 1996. When factoring in the cash flow from operations, refinancing proceeds and sales proceeds, investors recieved an annualized internal rate of return of over 33 percent during the investment period, Terranova said.
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Terranova Affiliate Sells Suniland Shopping Center for $66.5 Million
/in Acquisitions, General, Press releasesMIAMI BEACH, FL – May 31, 2016 – Concluding a 22 plus year investment, Suniland Associates, Ltd. sold the Suniland Shopping Center on Friday for $66.5 million dollars.
Originally purchased in two transactions, in 1994 for $9,295,000 plus an out piece in 1996 for $1,121,300, the gain to investors over the long hold was extraordinary when cash flow from operations, refinancing proceeds, and sale proceeds were combined.
Investors received an annualized internal rate of return over the investment period of 33 percent. Terranova Chairman Stephen Bittel said, “we have been so proud to grow the value of Suniland throughout our holding period. Suniland has always been and will continue to be the heart of the Village of Pinecrest. With great demographics and traffic and Terranova’s constant love and attention, we made magic. While we are sad to say goodbye, we are optimistic that the buyers, a Denver based private REIT will enjoy a future ownership as wonderful as ours has been. Suniland has provided one of the most remarkable returns on a real estate investment ever, returning an equity multiple of twenty five times.”
The 82,000 square foot property on 7.11 acres on U.S.1 in Pinecrest includes as tenants Flanigans, SunTrust, Citicorp, the U.S. Post Office, CVS, Nicklaus Children’s Hospital, and longtime community favorites Pete’s Barber Shop and Wagons West. The sale was exceptionally brokered by Mark Gilbert of Cushman and Wakefield.
CLICK HERE FOR THE PDF PRESS RELEASE
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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Pinecrest shopping center sells for $66.5 million
/in Acquisitions, General, In the newsMIAMI HERALD — May 31, 2016 — BY NICHOLAS NEHAMAS. A shopping center in Pinecrest sold for $66.5 million Tuesday, reflecting a retail boom in South Florida.
An affiliate of Miami Beach-based commercial real-estate firm Terranova paid $9.3 million for the 82,000-square-foot Suniland Shopping Center in 1994, adding on another parcel of land for $1.1 million two years later. The buyer is a real-estate investment trust based in Denver. Tenants include CVS, a U.S. Post Office, SunTrust and Flanigan’s restaurant.
Developers have been buying and building new malls across South Florida in response to population growth and increased tourism.
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