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Terranova Awarded Exclusive Leasing Assignment for Urban Cocowalk Project in Coconut Grove

MIAMI 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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