MIAMI BEACH, FLORIDA – March 31, 2011 – With 13 leases for approximately 100,000 square feet worth $10 million, Terranova is on a roll as the quarter comes to a close.
Terranova Corporation’s leasing team is on fire with a streak of 13 retail leasing deals totaling 100,000 sq feet and valued at over $10 million all done within the last 60 days. Leases have been done throughout the tri-county area with the majority inked for retail space in red hot Miami-Dade County.
“Retailers are again aggressively seeking expansion,” said Terranova Executive Vice President Mindy McIlroy, who brokered the recent influx of deals including Energy Kitchen, a health-conscious fast food chain that will open its first South Florida location in June in Suniland Shopping Center, followed by the addition of anchor tenants Sabor Tropical Supermarket to Biscayne Plaza Shopping Center in Miami’s Upper East Side, and Navarro Discount Pharmacy to Westfork Plaza in Pembroke Pines. “The flurry of new leasing activity show that the road to economic recovery for retail real estate is well on its way,” added McIlroy.
These deals follow an aggressive expansion by Anna’s Linens, an exclusive tenant representation assignment of Terranova. Terranova recently closed four new retail locations for Anna’s Linens, in Miami-Dade, Broward, and Palm Beach counties. The four new deals mark a big push in Anna’s business growth in South Florida.
Additional Terranova deals include the 988 sq foot expansion of Pines Discount Pharmacy in Palm Johnson Plaza in Pembroke Pines, 2,047 sq ft addition of Crocs Retail in Sawgrass Commons in Sunrise, 2,300 sq ft addition of Beyond Nails in Red Road Commons in Coral Gables, the 3,500 sq foot addition of Senior Adult Day Care and 1,000 sq ft addition of Clippers & Scissors in Palm Plaza in Miami Lakes, and the addition a 4,000 sq ft Rent-a-Center in El Mercado Shopping Center in Hialeah.
According to Terranova’s most recent Shopping Center Update Report, shopping center occupancy in Miami-Dade is indeed improving. Shopping center occupancy in Miami-Dade jumped from 92% at the close of 2009 to 94% at the close of 2010.
The reawakening of retail activity bodes well for Terranova’s newest assignment, a 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 Terranova’s growing urban street front retail portfolio. Joint venture affiliates Terranova and Acadia Realty Trust closed on the Lincoln Road properties in February of this year. Terranova will manage and lease the high profile, pedestrian-friendly, street front retail.
“The Terranova leasing team is energized and well prepared for this boost in leasing activity,” said Terranova Chairman Stephen Bittel. “Our market research consistently indicated an increase was impending, so our team is strategically positioned to capitalize on the South Florida retail boom.”
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 Represents Anna’s Linens in Four New Deals for 40,000 Sf
/in Press releases, Tenant RepresentationMIAMI BEACH, FLORIDA – March 1, 2011 – Terranova has closed four new retail locations for exclusive tenant representation client Anna’s Linens. Terranova is Anna’s exclusive broker for Miami-Dade, Broward, and Palm Beach counties. A team of Terranova professionals including Michael Blue, Daniel Diaz, and Stephen Bittel represented Anna’s Linens in closing four new deals occupying nearly 40,000 square feet of retail space.
The new deals mark a big push in Anna’s business growth in south Florida, one of their top markets in the whole country. Terranova’s deals, all closed within a six-week period, bring the retailer to two major shopping centers in Palm Beach County and two in Miami-Dade County.
Anna’s Linens is a value leader in home fashion products founded in 1987. Based in Costa Mesa, California, there are currently nearly 300 stores throughout the United States. The company’s motto is to “sell steak cheap, not cheap steak” providing primarily American made textiles to the domestic industry.
Anna’s new south Florida locations include Flagler Park Plaza, 8309 W. Flagler Street, Miami Gardens Shopping Center, 5750 NW 183rd street, Lantana Shopping Center, I-95 and Lantana Road in Lantana, and the Plaza at Delray, 1538 South Federal Highway in Delray Beach. The grocery store-anchored power centers are all located in densely populated areas near high-traffic commercial roads and highways. Anna’s will join national tenants such as Publix, Ross, Winn-Dixie, CVS, Walgreens, Regal Cinemas, and Staples.
Although Anna’s Linens currently operates over 15 stores in the south Florida market, the business anticipates continued growth in sales coinciding with the improving national economic climate.
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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Terranova Awarded Exclusive Leasing Assignment for Urban Cocowalk Project in Coconut Grove
/in Leasing, Press releasesMIAMI BEACH, FLORIDA – May 6, 2011 – Terranova Corporation has been awarded the exclusive leasing assignment for premier open-air lifestyle center CocoWalk, 3015 Grand Avenue, Coconut Grove.
CocoWalk, is the original urban retail location in the core of Coconut Grove, is located in a residential enclave in the central eastern section of Miami-Dade County. The area is highly favored for its superior location just east of U.S. 1 within an easy drive of other major connecting highways. The Coconut Grove neighborhood also curries favor with its residents and visitors for its historic landmarks, close proximity to the water, bohemian charm and character as an authentic Miami neighborhood.
Terranova shares the property owner’s vision of CocoWalk as a unique fashion and entertainment destination, a place where retailers offer the most favored brands and styles primarily catering to the surrounding trade area and tourists. Terranova plans to return CocoWalk to the leading position in Miami’s urban retail scene and firmly believes that this can be achieved by redefining CocoWalk’s retail product.
“The retail industry is constantly evolving as consumers’ tastes and needs change along with the economic and cultural changes they undergo,” said Mindy McIlroy, Terranova EVP. “We believe the next phase for CocoWalk hinges on bringing to the project the retailers that are best keeping their finger on the pulse of consumer demand. We look forward to working with the CocoWalk management team to reposition the center and bring in top-notch retailers.”
Terranova will place CocoWalk in a unique position in the market, where even if local competitors have similar open-air offerings, CocoWalk will transcend, offering brand names and restaurants that cater to the local working, affluent, urban sophisticate clientele and that outdistances the competitors. Rafael Romero, Terranova Commercial Leasing Associate, will be the point of contact for all leasing efforts at CocoWalk.
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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Retail Rocks as Terranova Puts up Huge 1st Quarter Numbers
/in Leasing, Press releasesMIAMI BEACH, FLORIDA – March 31, 2011 – With 13 leases for approximately 100,000 square feet worth $10 million, Terranova is on a roll as the quarter comes to a close.
Terranova Corporation’s leasing team is on fire with a streak of 13 retail leasing deals totaling 100,000 sq feet and valued at over $10 million all done within the last 60 days. Leases have been done throughout the tri-county area with the majority inked for retail space in red hot Miami-Dade County.
“Retailers are again aggressively seeking expansion,” said Terranova Executive Vice President Mindy McIlroy, who brokered the recent influx of deals including Energy Kitchen, a health-conscious fast food chain that will open its first South Florida location in June in Suniland Shopping Center, followed by the addition of anchor tenants Sabor Tropical Supermarket to Biscayne Plaza Shopping Center in Miami’s Upper East Side, and Navarro Discount Pharmacy to Westfork Plaza in Pembroke Pines. “The flurry of new leasing activity show that the road to economic recovery for retail real estate is well on its way,” added McIlroy.
These deals follow an aggressive expansion by Anna’s Linens, an exclusive tenant representation assignment of Terranova. Terranova recently closed four new retail locations for Anna’s Linens, in Miami-Dade, Broward, and Palm Beach counties. The four new deals mark a big push in Anna’s business growth in South Florida.
Additional Terranova deals include the 988 sq foot expansion of Pines Discount Pharmacy in Palm Johnson Plaza in Pembroke Pines, 2,047 sq ft addition of Crocs Retail in Sawgrass Commons in Sunrise, 2,300 sq ft addition of Beyond Nails in Red Road Commons in Coral Gables, the 3,500 sq foot addition of Senior Adult Day Care and 1,000 sq ft addition of Clippers & Scissors in Palm Plaza in Miami Lakes, and the addition a 4,000 sq ft Rent-a-Center in El Mercado Shopping Center in Hialeah.
According to Terranova’s most recent Shopping Center Update Report, shopping center occupancy in Miami-Dade is indeed improving. Shopping center occupancy in Miami-Dade jumped from 92% at the close of 2009 to 94% at the close of 2010.
The reawakening of retail activity bodes well for Terranova’s newest assignment, a 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 Terranova’s growing urban street front retail portfolio. Joint venture affiliates Terranova and Acadia Realty Trust closed on the Lincoln Road properties in February of this year. Terranova will manage and lease the high profile, pedestrian-friendly, street front retail.
“The Terranova leasing team is energized and well prepared for this boost in leasing activity,” said Terranova Chairman Stephen Bittel. “Our market research consistently indicated an increase was impending, so our team is strategically positioned to capitalize on the South Florida retail boom.”
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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