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Terranova adds 24,000 Square Foot Grocer to Biscayne Plaza

MIAMI BEACH, FLORIDA – March 8, 2011 – Terranova is pleased to announce the addition of a new anchor tenant to Biscayne Plaza Shopping Center. Sabor Tropical Supermarket joins the shopping center in a long-term, approximately 24,000 square foot deal brokered by Terranova Executive Vice President Mindy McIlroy. Sabor Tropical will replace Presidente Supermarket as the Biscayne Plaza location will be Sabor Tropical’s fifth South Florida store.

Sabor Tropical is required to renovate the interior of the store no later than January 2012. The renovation will take place in the evenings while the store is closed to the public. Sabor Tropical will also be opening a café at the property in the long closed restaurant end cap of the grocer building.

Located at 561 NE 79th Street, Biscayne Plaza serves as a lasting retail staple to the surrounding areas of Miami’s Upper Eastside. Built in 1953, it is known as Miami’s first major suburban shopping center, and lies just north of the historic Miami Modern District. Biscayne Plaza bridges a unique array of urban and suburban communities such as Miami Shores, Little Haiti, Belle Meade, and El Portal.

“Sabor Tropical will be replacing the President Supermarket at Biscayne Plaza. There will be a seamless transition between President and Sabor Tropical, so there will be no impact to the community,” said McIlroy. “This is the first step in the right direction for the redevelopment of this community shopping center.”

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.