Terranova Scores $22.5 Million Refinance For Suniland Shopping Center
MIAMI BEACH, FLORIDA – February 21, 2012 – Terranova Capital Corp. is proud to announce the $22.5 million refinance of the 82,000 sq. ft. Suniland Shopping Center located at 11325 South Dixie Highway Pinecrest, FL 33156.
The new loan provided by PNC Corp. was used to satisfy an existing much smaller loan from a life insurance company, and generate significant excess proceeds. The property is owned by Suniland Associates Ltd., an affiliate of Terranova, which has owned the property since 1996.
Originally acquired in two transactions in 1994 and 1996 totaling $10.4 million, Terranova has extensively renovated the property and upgraded the tenancy bringing in exceptional tenants like the U.S. Post Office, SunTrust Bank, Citicorp, Great Florida Bank, Starbucks, Flanigan’s, The Cheese Course, Hair Cuttery, Sushi Rock, Energy Kitchen and others to join existing longtime tenants CVS, Wagons West and Pete’s Barbershop.
Terranova Chairman Stephen Bittel said, “This is just one more example of our firm identifying and acquiring great real estate, redeveloping it to unlock the value, and then leasing to the best tenants we can find. We have improved the tenant mix and grown income significantly. The best is still to come!”
“Suniland is the heart of the village of Pinecrest community. We have brought in the best of new retail concepts to join with longtime community icons. Our property serves the shopping, dining and entertainment needs of the community. Suniland remains one of the top choices of new retailers entering our market because of the high income in the Pinecrest community and its magical location on U.S. 1 with traffic counts approaching100,000 cars daily, enabling it to serve a much broader trade area,” said Terranova Executive Vice President Mindy McIlroy.
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.