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TRENDS MAGAZINE- Palm Beach Suburban Shopping Center Report 2013-14
04/12/2014
Market research

Welcome to the first issue of Terranova Trends – a real estate magazine produced by Terranova Corporation, South Florida’s leading full service commercial real estate advisory firm.

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Reports
Urban Retail Report 2013
12/01/2013
Market research

Occupancy and asking rents have kept an upward trend in South Florida’s retail streets, with Lincoln Road continuing to exceed in rental levels. New energy is apparent in all South Florida retail streets, from posh Worth Avenue in Palm Beach to gritty Flagler Street in downtown Miami, two streets newly included in this annual report, and which illustrate the challenges and conquests at the two extremes of the urban street experience.

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Press Releases
TERRANOVA SIGNS GBS THE BEAUTY STORE EXPANSION IN SUNILAND SHOPPING CENTER
06/29/2014
Leasing

MIAMI BEACH, FLORIDA – June 30, 2014 – Terranova Corporation is pleased to announce it has signed GBS The Beauty Store in Suniland Shopping Center, an 82,000 square foot property in Pinecrest, Fla.

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COMMERCIAL REAL ESTATE NEWS

Bowlmor AMF Strikes a Deal for Brunswick’s Bowling Alleys

Brunswick Corp. agreed to sell its retail bowling business to Bowlmor AMF for $270 million. The proposed transaction encompasses 85centers in the United States and Canada. In connection with its decision to sell its bowling centers, Brunswick also announced its intention to divest its bowling products business. Brunswick is targeting to complete that sales process by the end of 2014. Brunswick will retain its legacy and namesake billiards...

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COMMERCIAL REAL ESTATE NEWS

FedEx Distribution Ctr in Downtown Miami Sells for $19M

Brown Development Group LLC sold the industrial property located at 200 S. Miami Ave. in Miami, FL for $19 million, or about $221 per square foot, to Fifteen Group. The 85,907-square-foot distribution center is currently leased to FedEx, with five years remaining on the master term. The property has the potential for re-development though, with zoning that could allow more than 1,000 multifamily units to be built there. CBRE’s Gerard Yetming...

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COMMERCIAL REAL ESTATE NEWS

A Power Surge in the Rust Belt

General Electric cut a deal with county and city officials to move a number of operations—including human resources and finance—to a new $90 million facility in downtown Cincinnati on the banks of the Ohio River.

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COMMERCIAL REAL ESTATE NEWS

Simon Expanding Chicago Premium Outlets

Simon Property Group (NYSE: SPG) has broken ground on a 50-store, $110 million expansion of its Chicago Premium Outlets property in Aurora, IL, which will increase the size of one of the firm's most successful outlet centers by more than two-thirds to than 170 stores. Among the new retailers slated to open in late spring 2015 following the nearly 300,000-square-foot expansion will be Saks Fifth Avenue Off 5th. Simon also announced openings during...

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COMMERCIAL REAL ESTATE NEWS

Flagler Village Land Trust Buys Federal Hwy Lot

Flagler Village Land Trust purchased 20 parcels of land totaling 3.75 acres between NE 7th St. and NE 8th St. on the west side of North Federal Hwy in Fort Lauderdale, FL from Portugal-based Fort Lauderdale US 1 LLC for $9.01 million, or about $2.4 million per acre. The potential use for the property may include a 120-room hotel including 25,000 square feet of retail space and two buildings with 300 total residential units. Paul Lepine of James...

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COMMERCIAL REAL ESTATE NEWS

New Lenders Enter Property Market and Think Small

As the economy improves, lenders see loans for smaller properties as less risky. And with less competition, interest rates and potential profit can be higher.

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COMMERCIAL REAL ESTATE NEWS

Stride Rite Walking Away from 140 Stores, Heading Towards E-Commerce

After reviewing its consumer-direct operations, including its brick and mortar retail store fleet and the infrastructure, Wolverine World Wide Inc. intends to close up to 140 retail stores over the next eighteen months. The changes will primarily impact the footwear designer/manufacturer’s Stride Rite retail operations. Stride Rite currently operates some 380 mall-based stores. Of the closures, the Rockford, Michigan-based company expects...

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COMMERCIAL REAL ESTATE NEWS

BAR Investment Realty Pays $5.2M for Miami Beach Apts

Bay Harbor Holdings LLC sold the 32-unit multifamily property at 9800-9850 E. Bay Harbor Ter. in Miami Beach, FL to BAR Investment Realty LLC for $5.18 million, or approximately $162,000 per unit. The 28,750-square-foot apartment community consists of a unit mix that includes one studio, 22 one-bedroom, 7 two-bedroom, a three-bedroom and a four-bedroom. The complex was built in 1950 in the Bay Harbor Islands submarket, and was 95 percent occupied...

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COMMERCIAL REAL ESTATE NEWS

Plots & Ploys

Money from China has been a top driver of some housing markets, especially in coastal cities such as San Francisco and Los Angeles. But that spigot may soon tighten.

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COMMERCIAL REAL ESTATE NEWS

Crumbs To Close Multiple Locations; Seeks Sale of Company

Crumbs Bake Shop Inc., a New York based cupcake specialty store chain, filed for bankruptcy reorganization and has the to approve a Court-supervised auction process. “After carefully evaluating opportunities to strengthen Crumbs’ financial position, we continue to believe that pursuing a sale transaction through this process will ensure a strong future for the Crumbs brand and business,” said said Edward M. Slezak, Crumbs CEO and general counsel...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (July 13 - 19)

It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Seattle, Chicago, Houston, New York City, Washington DC, Los Angeles, San Francisco, Dallas, Memphis, Atlanta, Northern New Jersey, and Orlando. SEATTLE Taylor Named Global COO at Colliers Int'l By Justin Sumner Colli

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COMMERCIAL REAL ESTATE NEWS

Queens Project Stirs Worry That Residents Will Be Priced Out

New York City Mayor Bill de Blasio's affordable-housing ambitions are being tested by the first major project he has shaped from its early stages, a 2.2-million-square-foot development on the Queens waterfront that is raising fears of Brooklyn-style skyrocketing rents.

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COMMERCIAL REAL ESTATE NEWS

Market Trend: South Florida Office Vacancy Down to 12.9%

The South Florida Office market ended the second quarter 2014 with a vacancy rate of 12.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,206,216 square feet in the second quarter. That compares to positive 276,886 square feet in the first quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 511,523 square feet. Some of the notable move-ins of 2014 include: SBA...

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COMMERCIAL REAL ESTATE NEWS

Property Investors Unfazed in Puerto Rico

Puerto Rico's deepening economic troubles have punished investors and made life hard for many locals. But one group has been encouraged by the opportunities it sees: real-estate investors.

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COMMERCIAL REAL ESTATE NEWS

College Square Sells for $5.8M

A private investor purchased the College Square multifamily property at 6600-6650 SW 39th St. in Davie, FL from C.F. Enterprises LLC for $5.75 million, or about $90,000 per unit. The 54,200-square-foot apartment complex consists of six, two-story buildings totaling 64 units. The complex was constructed in 1980 in Broward County. Still Hunter and Evan Kristol with Marcus & Millichap represented both parties in the sale. Please see CoStar...

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COMMERCIAL REAL ESTATE NEWS

A Tech Hub Treads in a Sea of Bureaucrats

Vornado Realty Trust is embarking on an experiment to create a cluster of technology companies amid its 7.3 million square feet of offices in Crystal City, Va., home of defense agencies and government contractors.

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COMMERCIAL REAL ESTATE NEWS

Point Blank Solutions Leases 131,000 SF in Pompano Beach

Point Blank Solutions (PBSI) signed a renewal lease for 104,162 at 2102 SW 2nd St. Building 6B, and a new 26,886-square-foot expansion at 1901 SW 2nd St. Building 5B in The Atlantic Business Center in Pompano Beach, FL. Bldg 6B is a 104,162-square-foot warehouse built in 2003 on 5.3 acres in the Pompano Beach Industrial submarket of Broward County. It features 29 loading docks and 24-foot clear heights. Bldg 5B is a 102,362-square-foot warehouse...

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COMMERCIAL REAL ESTATE NEWS

Sale-Leasebacks Ease Italy's Real-Estate Jam

Deals have begun to flow out of two funds that were set up by the Italian government in 2004 to do sale-leasebacks of government-owned property.

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COMMERCIAL REAL ESTATE NEWS

Marketplace at Tamarac Sold for $10.6M

Dayan & Dayan Design acquired the Marketplace at Tamarac, a multi-tenant retail center at 6771-6933 W. Commercial Blvd. in Tamarac, FL from Joge Investments, Inc. for $10.55 million, or about $157 per square foot. The single-story, 67,202-square-foot strip center was built in 1991 in the NW Broward, Coral Springs submarket of Broward County. David Donnellan and Todd Weintraub of CBRE represented the seller. Steve Leeds with Green Capital Realty...

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COMMERCIAL REAL ESTATE NEWS

LaSalle Raises Bet on Asia Growth

LaSalle Investment Management has raised $1 billion this year to invest in real-estate assets in Asia, in the latest sign that investors are making bolder bets in areas that are still enjoying strong growth.

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COMMERCIAL REAL ESTATE NEWS

BB&T Sells Office Condos at Miami Lakes Corp Ctr

Kislake Organization acquired 90 percent of the office condominium space in the Miami Lakes Corporate Center building at 14750 NW 77th Ct. in Miami Lakes, FL from BB&T for $6.2 million, or about $96 per square foot. This was an REO sale after foreclosure. The three-story, 73,000-square-foot office building was delivered in 1986 on 2.7 acres in Miami/Dade County, with renovations completed in 2000. The units that transferred total 64,511 square...

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COMMERCIAL REAL ESTATE NEWS

Plots & Ploys

MetLife is getting industrial. The insurer is planning a series of new developments of warehouse and distribution space in eight projects around the U.S., totaling at least six million square feet.

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COMMERCIAL REAL ESTATE NEWS

Cosmetics Manufacturer Purchases Newport Center for $7.1M

Cosmo International Fragrances acquired the Newpoort Center industrial building at 1341 W> Newport Center Dr. in Deerfield Beach, FL from Wayne Weekley for $7.05 million, or about $84 per square foot. The 83,623-square-foot manufacturing property was delivered in 1981 and renovated in 1993. The buyer will occupy the facility, located on 6.4 acres in the Northeast Broward County Industrial submarket. Richard Etner, Chris Metzger, and Christopher...

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COMMERCIAL REAL ESTATE NEWS

Biotech Center in Brooklyn a Tough Sell

A facility for biotech firms has been created in the Brooklyn Army Terminal on the banks of New York Harbor. All that is missing are tenants.

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