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Chairman Stephen Bittel talks real estate, trends, and building better communities.
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.