Terranova/Acadia Team on $139 Million Lincoln Road Buy
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 of New York City's Fifth 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.
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
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SOURCE Terranova Corporation