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STEPHEN H. BITTEL, CHAIRMAN OF TERRANOVA CORP.: 'I WANT TO DO MORE'
10/12/2014
General

BY INA PAIVA CORDLEICORDLE@MIAMIHERALD.COM. Stephen H. Bittel, chairman of Terranova Corp., has reached new heights in the realm of commercial real estate since his firm’s $342million sale of a portfolio of six buildings on Lincoln Road in Miami Beach — one of the largest property deals in South Florida history. Terranova remains an owner and managing member of the properties, in a new partnership with Morgan Stanley Real Estate Investing. In total, Terranova Corp., which Bittel founded in 1980, owns and operates more than $1 billion of real estate in Florida, mostly in South Florida.

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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 FOOTLOCKER EXPANSION IN THE SHOPPES OF IVES DAIRY
11/11/2014
Leasing

MIAMI BEACH, FLORIDA –November 12, 2014 –Terranova Corporation is pleased to announce the upcoming expansion of Footlocker in the Shoppes of Ives Dairy, a 25,000 square foot center in Miami Gardens, Fla.

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COMMERCIAL REAL ESTATE NEWS

Macerich Acquires Remaining Stake In Five Regional Malls From JV Partner

The Macerich Co. (NYSE: MAC) has acquired its joint venture partner’s 49% stake in five super regional malls totaling more than 6.7 million square feet for $1.22 billion in common stock and $673 million in assumed debt. Macerich issued the stock to Cadillac Fairview Corp. Ltd, a wholly owned subsidiary of the Ontario Teachers' Pension Plan Board that manages the pension plan’s real estate portfolio, at a fixed price of $71 per share. The shares...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Nov. 16 - 22)

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: New York City, Chicago, Los Angeles, Washington DC, Atlanta, Boston, Baltimore, and Dallas / Fort Worth. NEW YORK CITY Markowitz Takes Helm as President at Charles Rutenberg Realty By Finn Raftery More news...

COMMERCIAL REAL ESTATE NEWS

Paramount Prices Biggest U.S. REIT IPO

Office-building landlord Paramount Group Inc. raised $2.29 billion in its initial public offering Tuesday, becoming the largest-ever IPO by a U.S. real-estate investment trust and helping breathe life into an anemic year for new property stocks.

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COMMERCIAL REAL ESTATE NEWS

Goodwin Joins Walton Group

John Goodwin has joined the Walton Group of Companies, a family-owned, multi-national real estate investment and development group, in its land acquisitions and institutional relations group, Walton Asset Management - USA, as a senior vice president of retail development. In his new role, Goodwin will focus on retail and commercial development sites owned or managed by Walton in addition to advising the firm on zoning, planning, leasing, development...

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COMMERCIAL REAL ESTATE NEWS

Biscayne Blvd Site Sold for $19.2M

Legal Services of Greater Miami, Inc. sold the 1.52-acre lot at 3000 Biscayne Blvd. in Miami, FL to adjacent property owner Crescent Heights for $19.2 million. Currently improved with a five-story, 57,406-square-foot office building, the Executive Plaza site sits just west of Midtown Miami and two blocks from Biscayne Bay, in the Biscayne Corridor submarket. The parcel's zoning provides for potential development of up to 227 residential units...

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COMMERCIAL REAL ESTATE NEWS

Home Builders Hold Off on IPOs

Home builders are shelving plans for initial stock offerings after a flurry of deals earlier this year, as the housing market slows and share prices in the sector slump.

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COMMERCIAL REAL ESTATE NEWS

33,000 SF in New Retail Leases Signed at Downtown Dadeland

Just three months after a joint venture including Duncan Hillsley Capital and Pebb Capital closed on its $39 million acquisition of the Downtown Dadeland retail component, a lifestyle center on N. Kendall Dr. in Miami, the group has announced five new retail and restaurant tenants have signed 33,293 square feet at the 127,000-square-foot dining and shopping complex. Flippin' Pizza will take 2,100 square feet, Verizon will occupy 6,770 square feet...

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COMMERCIAL REAL ESTATE NEWS

Pipeline Expands at The Alhambra

Pipeline Workspaces, a national shared office provider, is opening a third location in Coral Gables, FL with a new 13,917-square-foot lease at The Alhambra, located at 95 Merrick Way. Located at the gateway to the Coral Gables Financial District, the seven-story, 93,373-square-foot office building was constructed in 1961 on three-quarters of an acre in Miami/Dade County. The asset is home to multiple tenants, including the Kellogg School of Management...

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COMMERCIAL REAL ESTATE NEWS

Plaza Hotel Sale Draws Crowd, but Deal Is Elusive

A blue-chip roster of real-estate investors, financial firms, and even a Grammy-winning rap artist are angling to buy New York’s landmark Plaza Hotel, but the owner, India’s Sahara Group, has been playing hard to get.

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COMMERCIAL REAL ESTATE NEWS

Sears To Redevelop its Property at Aventura Mall

Sears Holdings Corp. submitted plans to the city of Aventura, FL for the redevelopment of its owned property at Aventura Mall into an open-air center that will feature retail, restaurants, offices and a hotel. The proposed Esplanade at Aventura will be a complete redevelopment of the 12.3 acres owned by Sears Holdings that currently features a Sears full-line store, Sears Auto Center and adjacent surface parking areas. Esplanade at Aventura...

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COMMERCIAL REAL ESTATE NEWS

Downtown Boca Raton Office Sells for $33M

Two office buildings at 555 and 595 S. Federal Hwy in Boca Raton, FL sold for $33 million, or about $284 per square foot. The properties previously sold at $37.2 million back in 2005. 555 S Federal Hwy was renovated in 2001 and sits at about 33,000 square feet. 595 S Federal Hwy was constructed in 2003 at about 83,000 square feet. Both buildings include features such as 24/7 building access, a corner lot and on-site management. The new owner...

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COMMERCIAL REAL ESTATE NEWS

Single-Building IPO Is in Works

A New York startup, ETRE Financial, plans to take individual buildings public.

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COMMERCIAL REAL ESTATE NEWS

JMH Development Acquires Multifamily Portfolio for $5.7M

IBF Holdings II LLC sold the 31-unit multifamily portfolio at 2901 and 2911 Indian Creek Dr. in Miami Beach, FL to JMH Development LLC for $5.65 million, or about $358 per square foot. The properties consist of three residential buildings totaling 15,764 square feet. JMH Development plans to transform the existing buildings into an upscale boutique condominium community. Adam Greenberg of Newmark Grubb Knight Frank represented the seller....

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COMMERCIAL REAL ESTATE NEWS

Plots & Ploys: Banking On It

SL Green Realty’s plans for a skyscraper by Grand Central Terminal advances...CompStak raises $4.4 million from about a dozen investors...Mack-Cali Realty’s Roseland division gains traction in its East Boston project.

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COMMERCIAL REAL ESTATE NEWS

Grass River Property Breaks Ground on 184 Rentals, Retail Space at Coconut Grove

Grove Station Tower is the latest rental project coming to the northeast Coconut Grove area from Grass River Property, the real estate investment and development firm based in the area. The new development will be connected to the Metrorail system and include 184 residential rental units with retail space on the ground floor. The groundbreaking for Grove Station Tower took place this month, and the project is expected to be completed by early 2016...

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COMMERCIAL REAL ESTATE NEWS

Fund Manager Litt Targets Associated Estates for Management Shakeup

Fund manager Jonathan Litt is launching an activist campaign to replace the board of directors of Associated Estates Realty, a real-estate investment trust based in Ohio that specializes in multifamily apartment buildings.

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COMMERCIAL REAL ESTATE NEWS

Hillsboro Commons Sold for $12.3M

Investments Limited purchased the Hillsboro Commons office building at 1000 E. Hillsboro Blvd. in Deerfield Beach, FL in an all-cash deal for $12.3 million, or about $150 per square foot, from Bellestar Management Corp. The 82,000-square-foot office building was built in 1986 and renovated in 2000 and 2003. It is currently 98 percent leased, with anchor tenant LA Fitness occupying 51,723 square feet there. Phil Bloom of Sundial Realty Group...

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COMMERCIAL REAL ESTATE NEWS

Blackstone to Sell Manhattan Skyscraper for About $2.25 Billion

Blackstone Group has reached a deal to sell a Midtown Manhattan office tower for about $2.25 billion to a venture led by Canadian property investor Ivanhoe Cambridge.

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COMMERCIAL REAL ESTATE NEWS

Worldcenter Unveils First Condo Tower Near Downtown Miami

Developer Daniel Kodsi has unveiled plans for a 706-foot, 466-unit condominium tower in Miami Worldcenter, one of the country's largest mixed-use projects. The 60-story Paramount Miami Worldcenter is scheduled to break ground in the first quarter of next year, with occupancy slated for the third quarter of 2018. The residences will range from 1,300 to 2,300 square feet, with prices starting at $700 per square foot. The long-awaited residential...

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COMMERCIAL REAL ESTATE NEWS

City Pours More Money Into Brooklyn Navy Yard Upgrade

The renovation of Building 77, which sprawls across 1 million square feet, expands an effort begun under Mayor Bill de Blasio’s predecessor, Michael Bloomberg.

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COMMERCIAL REAL ESTATE NEWS

Westin Colonnade Coral Gables Sold for $59.4M

Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 157-room Westin Colonnade Coral Gables at 180 Aragon Ave. in Coral Gables, FL for $59.4 million, or about $378,000 per keycard. The acquisition marks PEB's second investment in the Miami market but its first in Coral Gables, and brings its portfolio to a total of 32 properties. The 210,931-square-foot, full-service hotel was originally built in 1989 on the Miracle Mile in the heart of the...

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COMMERCIAL REAL ESTATE NEWS

Dan Gilbert Agrees to Buy Detroit's Compuware Building

Billionaire Dan Gilbert’s real-estate operation said it would buy one of downtown Detroit’s best known office buildings for an undisclosed price.

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COMMERCIAL REAL ESTATE NEWS

JLL Selected to Lease Cypress Financial Ctr

Steelbridge Capital has selected JLL (NYSE: JLL) to exclusively lease and market its newly-acquired Cypress Financial Center at 5900 N. Andrews Ave. in Fort Lauderdale, FL. The 11-story, 198,528-square-foot office building was constructed in 1988 on 2.9 acres in the Cypress Creek submarket of Broward County. It features highway signage visibility from I-95, and is one of the only buildings in South Florida with direct ramp access to the highway...

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COMMERCIAL REAL ESTATE NEWS

Flushing Is Up Next for City Housing Focus

Flushing, Queens will be the next neighborhood the city will rezone to allow for new development and create affordable apartments.

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