|By PR Newswire||
|August 19, 2014 06:09 PM EDT||
MIAMI BEACH, Fla., Aug. 19, 2014 /PRNewswire/ -- In one of the largest deals in South Florida history, Miami Beach based Terranova Corporation announced the sale of its 6 building portfolio of Lincoln Road area assets for $342 million. The properties were assembled over the past three and one half years at a cost of $191 million. The buyer is Morgan Stanley Real Estate Investing, along with affiliates of Terranova.
Terranova Chairman, Stephen H. Bittel, termed the transaction "one of the most exciting deals the firm has had the privilege with which to be involved over the company's 35 year history. We have been thrilled to join with the other owners on the street and the visionary leadership of the City of Miami Beach, to play an important role in moving Lincoln Road forward. Our investment with Acadia Opportunity Funds has drawn more and more attention of professional capital to the street. At the same time, the interest from top international retailers has pushed sales and rents higher and higher. The planned redesign of the Lincoln Road common areas and the redevelopment of the Miami Beach Convention Center are strong positive influences that will keep the momentum moving forward."
Bittel went on to indicate that "the new partnership with Morgan Stanley Real Estate Investing will continue to seek opportunities in the market for this kind of unique asset of enduring generational value. This long term investment strategy focused on high street retail properties reflects the continuing trend of residents and tourists alike to be drawn to the top urban shopping streets, of which Lincoln Road is the absolute best, south of Madison Avenue in New York City."
Terranova is honored to have been invited to join with Morgan Stanley Real Estate Investing to continue to be involved with their newly acquired Lincoln Road portfolio, as operating partners responsible for management, leasing and development. Two of the properties have already received Historic Preservation Board approval for expansions enabling the accommodation of new flagship retailer opportunities. An additional development is proposed on Lincoln Lane, creating a three level building of unique architectural interest.
Lincoln Road has become home to retailers from around the world including Armani, H&M, Zara, John Varvatos, Zadig and Voltaire, Anthropologie, and Apple. Joined by an exceptional line up of dining options including Sushi Samba, Khong River House, Laduree, Meat Market, Sosta, and Havana 1957, the shopping/entertainment options combine together to attract record numbers of pedestrians, both local and tourists, making Lincoln Road a top regional destination, all day and night.
Bittel said that "Miami Beach has had a magnetic attraction from around the world almost since developer/creator Carl Fisher's dreams started to become reality. With a storied past to build upon, we look forward to an exceptional future of growing asset values, as we work closely with the community to make Lincoln Road better and better for both residents and visitors."
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. Terranova offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions, dispositions, financing, construction management and development.
Contact: Rebecca DeVille, 305-779-8943, [email protected]
SOURCE Terranova Corporation
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