MIAMI BEACH, FLA. — In one of the largest deals in South Florida history, Miami Beach-based Terranova Corp. has sold its six-building portfolio of Lincoln Road area assets for $342 million. The properties were assembled over the past three-and-a-half years at a cost of $191 million. Morgan Stanley Real Estate Investing, along with affiliates of Terranova, purchased the property. As operating partner, Terranova will continue to be responsible for the management, leasing and further development of the properties.
“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,” says Stephen Bittel, chairman of Terranova.
Lincoln Road includes retailers such as Armani, H&M, Zara, John Varvatos, Zadig and Voltaire, Anthropologie, and Apple. Restaurants include Sushi Samba, Khong River House, Laduree, Meat Market, Sosta, and Havana 1957.
“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,” says Bittel.
Terranova offers complete commercial real estate services including asset and property management, leasing, tenant representation, acquisitions, dispositions, financing, construction management and development.
Terranova Corp.’s commercial real estate advisory firm is currently involved with commercial real estate assets valued at more than $1 billion.
— Danielle Everson