Terranova sells Suniland Shopping Center to Dividend Capital: $66.5M
THE REAL DEAL — May 31, 2016 — BY INA CORDLE. A Terranova Corp. affiliate just sold Suniland Shopping Center to Denver-based Dividend Capital for $66.5 million,
Terranova’s Suniland Associates Ltd., had owned the property for 22 years, originally purchasing the center in two transactions: paying $9.3 million in 1994, then buying an out-parcel for $1.12 million in 1996. The total was $10.4 million for the 82,000-square-foot property on 7.11 acres at 11325 South Dixie Highway in Pinecrest.
The latest sale price equates to $811 per square foot.
Investors received an annualized internal rate of return over the investment period of 33 percent, Terranova said in a release. “Suniland has provided one of the most remarkable returns on a real estate investment ever, returning an equity multiple of twenty five times,” Terranova Chairman Stephen Bittel said in a statement.