Terranova/Acadia Team on $139 Million Lincoln Road Buy
MIAMI BEACH, Fla., Dec. 20, 2012
MIAMI BEACH, Fla., Dec. 20, 2012 /PRNewswire/ --In the largest Florida retail
acquisition of 2012,affiliates of Terranova Corporation and Acadia Realty
Trust have acquired a $139 million, three building portfolio on Lincoln Road
in Miami Beach, the most powerful retail street south ofNew York City'sFifth
Avenue. The nearly 60,000 square foot collection of three buildings adds to
their existing holdings on Lincoln Road, making them the largest pure retail
owner on the street. The new acquisitions are 801, 826, and 719 Lincoln Road.
(Logo: http://photos.prnewswire.com/prnh/20121220/FL33386LOGO-b )
According to Terranova Chairman, Stephen Bittel, "These properties have huge
upside as lease rates roll up to market. We look forward to bringing the best
retailers in the world to join the impressive collection already on Lincoln
Road." The properties include Fossil, Dylan's Candy, and Kiehl's. "The only
thing better than adding to our market leading position on Lincoln Road, is to
once again be growing with Acadia as our partner. Their national urban high
street portfolio blends perfectly with Lincoln Road and enables them to add so
much more than just capital to our joint investment."
Lincoln Road has received international acclaim recently with the opening of H
& M on Pennsylvania and Lincoln Road. This coupled with the New World Symphony
world class entertainment venue, and the just opened Forever 21 store, has
kept the eyes of world class retailers sharply focused on Lincoln Road.
Serving local area residents and visitors alike, Lincoln Road boasts of daily
pedestrian traffic estimated at over 25,000 people and with retailers
regularly reporting fashion sales of over $1,000 per square foot, and
restaurant sales double that.
Terranova and Acadia joined in their first Lincoln Road acquisition last year
in another three building acquisition. They have brought and opened Armani
Jeans, the first of its kind in the United States, as well as Asian themed
restaurant Khong River to the area.
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.
FOR INFORMATION CONTACT:
Karen Maerovitz, President
Creme de la Creme – A Marketing & Events Firm
786- 210 - 8837
SOURCE Terranova Corporation
Press spacebar to pause and continue. Press esc to stop.