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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
LINCOLN ROAD PROPERTIES SLATED FOR REDEVLEOPMENT
12/04/2014
Leasing

MIAMI BEACH, FLORIDA –December 4, 2014 –“Lincoln Road is the premier retail street in the Southeast U.S., and demand for space is virtually popping the ceiling off the top of these historic structures, literally,” says Stephen Bittel, chairman of Terranova Corp., whose properties on Lincoln Road are slated for vertical expansion in order to meet pent up demand.

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COMMERCIAL REAL ESTATE NEWS

TriGate Closes on $53M Acquisition of National Retail Portfolio

TriGate Capital LLC has acquired a national portfolio of retail properties spread across five states for an aggregate purchase price of $53 million, or an average $86 per square foot, from Project Development Services, Inc. (PDSI) The seven-property, 619,161-square-foot portfolio was 84.7% leased at the time of sale to 76 tenants. Almost 20% of the portfolio is occupied by grocery stores, with other anchor tenants including Rite Aid, Tractor...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Dec. 14 - 20)

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, Cleveland, Washington DC, Chicago, Charlotte, Dallas, Oklahoma City, Nashville, Detroit, Atlanta, and South Florida. NEW YORK CITY REBNY Banks on New President By Justin Sumner The Real Estate Board of New Yor

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COMMERCIAL REAL ESTATE NEWS

Thomas Kwok Found Guilty of Corruption

A jury in Hong Kong found Thomas Kwok, the co-chairman of one of Hong Kong’s biggest property developers, guilty in a corruption trial involving the city’s former No. 2 official, but found his brother, Raymond, not guilty.

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COMMERCIAL REAL ESTATE NEWS

Spirit Realty Setting Up Shopko Portfolio for Disposition

In an effort to reduce its revenue reliance on Shopko Stores, Spirit Realty Capital Inc. signed a definitive agreement with Shopko, its largest tenant, to modify the chain’s master lease agreement. The amended master lease makes the portfolio more attractive to potential buyers. It allows Spirit to unilaterally sell properties or sub-portfolios. And it extends the weighted average lease term by 5 years, which is expected to broaden the pool of...

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COMMERCIAL REAL ESTATE NEWS

Aztec Group Promotes Katz to VP

Jason Katz has been promoted to vice president at Aztec Group, Inc., a Miami-based real estate investment and merchant banking firm. In his new role, Katz will focus on executing land and commercial sales and acquisitions across the state, while assisting with asset management on behalf of Mayan Properties, Aztec's investment affiliate. Katz joined the firm in 2012 as an associate, supporting Mayan's office and multifamily portfolios and working...

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COMMERCIAL REAL ESTATE NEWS

In Sri Lanka's Post-Tsunami Rise, China Is Key

A town laid to waste by the 2004 Indian Ocean tsunami is now getting a $1 billion port and a new airport with the help of Chinese money. But some worry that funding comes with strings attached.

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COMMERCIAL REAL ESTATE NEWS

Vornado to Launch Urban Edge Shopping Center REIT Next Month

In details released Monday, Vornado Realty Trust (NYSE: VNO) said it plans to begin trading in January of its 14.9 million-square-foot portfolio of 79 shopping centers, three malls and a warehouse park. The new publicly traded REIT to be called Urban Edge Properties will trade on the New York Stock Exchange under the symbol UE. Vornado shareholders will receive on UE common share for every two Vornado common shares. According to the document...

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COMMERCIAL REAL ESTATE NEWS

DiamondRock Hospitality Co Acquires Westin Beach Resort for $149M

DiamondRock Hospitality Company acquired The Westin Beach Resort & Spa at 321 N. Fort Lauderdale Beach Blvd. in Fort Lauderdale, FL from Starwood Hotels & Resorts Worldwide, Inc. for $149 million, or about $345,000 per room. The 13-story, 316,040-square-foot, 432-room hotel features 32,000 square feet of meeting space and a modern spa. The property underwent an $86 million renovation in 2009. Gregory Rumpel and Andrew Dickey of JLL Hotels represented...

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COMMERCIAL REAL ESTATE NEWS

Trump Taj Mahal Expected to Remain Open, for Now

The endangered Trump Taj Mahal in Atlantic City, N.J., is expected to remain open through the weekend while lawyers work to complete a $20 million lifeline from billionaire Carl Icahn.

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COMMERCIAL REAL ESTATE NEWS

Kimco To Acquire Blackstone’s 66.7% Interest in 39-Shopping Centers

Kimco Realty Corp. has contracted to acquire the remaining 66.667% interest in the 39-property Kimstone portfolio from its joint venture partner, a subsidiary of Blackstone Real Estate Partners VII (BREP) for $925 million. The portfolio consists of 39 properties totaling 5.6 million square feet that is approximately 97% occupied. It contains a balance between well-located, grocery-anchored shopping centers and dominant power centers in strong demographic...

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COMMERCIAL REAL ESTATE NEWS

Bank of America Retail Bldg Sells for $5.1M

Ham Investment & Development, a Texas-based private investment firm, acquired the Bank of America retail building from Sunny Money Partners Ltd. for $5.1 million, or about $446 per square foot. The two-story, 11,428-square-foot retail building is located at 11205 South Dixie Hwy in Pinecrest, FL. Notable tenants in the building are Bank of America and State Farm, who have been in the building for 21 and 40 years, respectively. Gabriel Britti...

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Las Vegas 'Player' Gets Bounced From Casino

Stockbridge Capital Partners said Sam Nazarian no longer would be involved in the management of the new SLS Las Vegas hotel and casino that Stockbridge controls.

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SHAKE UP: Santora Named To Replace Underhill as CEO of Cushman & Wakefield

Jim Underhill's four-year tenure as CEO of Cushman & Wakefield's North American operations ended abruptly this week as the firm confirmed today that he had left the company and that longtime C&W insider John C. Santora had replaced him as head of the firm's largest global operating region. A 37-year veteran of the firm, Santora most recently served as president and CEO of Cushman & Wakefield’s Corporate Occupier & Investor Services group, which...

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Elevators Set to Take New Direction

ThyssenKrupp is working on a cable-free elevator that would allow multiple cars to run in the same shaft, and to run sideways and diagonally as well as up and down.

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COMMERCIAL REAL ESTATE NEWS

Forest City Ents Sells Forest Trace for $59.5M

Pacifica Companies acquired the Forest Trace assisted living facility at 5500 NW 69th Ave. in Lauderhill, FL from Forest City Enterprises, Inc. for $59.5 million. The 322-unit facility traded at approximately $185,000 per door, or about $144 per square foot. The sale resulted in net cash proceeds of $18.5 million for Forest City. Halle Building Trades in Downtown Cleveland Built in 1990 in Broward County, Forest Trace totals 414,815 square...

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COMMERCIAL REAL ESTATE NEWS

Miami Condo Project Looks to Lure Chinese Buyers

Miami has been a magnet for wealthy South American home buyers for years. Now, developers are setting their sights set on buyers from China.

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COMMERCIAL REAL ESTATE NEWS

Call for Entries Issued for 2014 CoStar Power Broker Awards!

It's time for the Top Dealmakers in Commercial Real Estate to stand up and be recognized! Each year, CoStar Group is proud to present CoStar Power Broker AwardsTM to the top real estate brokerage firms and brokers who achieved remarkable sales and leasing success in their respective market. As the largest professional research organization serving the commercial real estate industry, CoStar is uniquely positioned to track leasing and sales transactions...

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COMMERCIAL REAL ESTATE NEWS

Hotels Sue L.A. Over Minimum-Wage Law

Two national hotel-industry groups are suing Los Angeles, arguing a recent minimum-wage increase unfairly targets the hospitality business and that certain provisions interfere with federal labor law.

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COMMERCIAL REAL ESTATE NEWS

Calderin, Nanan Join Adler Realty Services

Adler Realty Services (ARS) has hired Cary Calderin and Christina Nanan (pictured, right) in its Miami office as commercial real estate advisors. The company specializes in property management and sales and leasing brokerage services. In her new role, Calderin will be responsible for negotiating and orchestrating real estate transactions for third party clients, including loan officers and closing agencies. Nanan will join the third-party brokerage...

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COMMERCIAL REAL ESTATE NEWS

Boom in Bolivia Brings Concerns About a Bust

Bolivia, one of Latin America’s poorest countries, is experiencing a spurt in economic growth that has ignited a boom in the real-estate sector.

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COMMERCIAL REAL ESTATE NEWS

Northwest Medical Park Bldg 1 Sold for $11.3M

CNL Healthcare Properties, Inc. acquired the Northwest Medical Park Bldg 1 at 2960 N. SR-7 in Margate, FL from LaSalle Investment Management for $11.29 million, or about $248 per square foot. The three-story, 45,565-square-foot medical office building was constructed in 2004 in the Pompano Beach submarket of Broward County. Both parties handled the direct sale in-house. Please refer to CoStar COMPS #3155634 for more information on the transaction.

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COMMERCIAL REAL ESTATE NEWS

Skyscraping Prices in Manhattan

The Manhattan condominium and co-op apartment market is setting numerous records in 2014 partly thanks to high sales of units costing more than $10 million, according to a new report.

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Boca Security Center Trades for $2.4M

Weingarten Realty Investors acquired Second Avenue Shopping Plaza at 1799-1819 NW 2nd Ave. in Boca Raton, FL from Romeo Properties, Inc. for $2.4 million, or about $179 per square foot. The single-story, 13,400-square-foot, retail strip center was built in 1974 and renovated in 2006. It is part of the Boca Security Center in Palm Beach County. Howard Bregman of Marcus & Millichap represented the buyer and the seller in the deal. Please refer...

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COMMERCIAL REAL ESTATE NEWS

Harlem's 125th Street Picks Up Momentum

Several retail, residential and commercial real-estate projects are giving new vibrancy to the commercial corridor of Harlem’s 125th Street.

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