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.