MIAMI — A joint venture between Terranova Corp. and Acadia Realty Trust has acquired a portfolio of three retail properties located in Miami's South Beach submarket from Las Ramblas Associates for $51.9 million. The three properties contain a total of 61,443 square feet of space and are located along Lincoln Road, an 8-block, open-air pedestrian mall that is one of the city's best retail corridors. The portfolio traded at a price of $845 per square foot.
The first property is located at 600 Lincoln Road. It contains 27,700 square feet of retail and office space over two stories. Anchors include Sushi Samba and Rancho Grande.
The second property is located at 741 Lincoln Road. It contains 14,886 square feet of retail space over two stories. Anchors include Starbucks, Geox and Miss Yip.
The third property is located at 715 Lincoln Lane. Tacontento anchors the 18,857-square-foot building, which abuts Macy's. The portfolio also contains an addition 39,750 square feet of development rights.
“The three-property Lincoln Road acquisition greatly enhances our fashion-forward, street-front retail product,” said Stephen Bittel, chairman of Terranova, in a statement. “Terranova now has a 61,000-square-foot presence on Lincoln Road, once known as the '5th Avenue of the South,' and we will expand that moniker to Lincoln Lane, as local and national tenants clamor for retail space and buyers make their return to Miami Beach.”
South Florida investment and merchant banking firm Aztec Group marketed the portfolio and was the sole broker in the deal. The brokerage team of Ezra Katz, Howard Taft and Charles Penan negotiated it. Terranova will manage and lease the portfolio.
— Coleman Wood