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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 PROMOTES JUAN FRANCO TO SENIOR COMMERCIAL ASSOCIATE
01/07/2015
Leasing

MIAMI BEACH, FLORIDA –January 7, 2015 –Terranova, South Florida’s leading commercial real estate advisory firm, today announced the promotion of Juan Franco to Senior Commercial Associate. Franco, an invaluable asset to the company for over five years, will now be a senior member of the leasing team for the company’s diverse retail portfolio.

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COMMERCIAL REAL ESTATE NEWS

IKEA Plans To Open a Columbus Store

IKEA, the Swedish home furnishings retailer, is submitting plans to the City of Columbus, Ohio for a store that would increase the Swedish retailer’s presence in the Midwestern United States as its second store in the state. The application marks the beginning of the governmental approval process. It expects to complete the process and open the store in the summer of 2017. Located in the Polaris Centers of Commerce development, approximately...

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COMMERCIAL REAL ESTATE NEWS

Duke Realty Selling Suburban Office Portfolio To Starwood Venture for $1.1 Billion

Duke Realty announced a blockbuster agreement to sell a 6.9 million-square-foot suburban office portfolio to Barry Sternlicht's Starwood Capital Group in a joint venture with affiliates of Vanderbilt Partners of Chicago and Trinity Capital Advisors of Charlotte for $1.12 billion. The sale involves 62 office buildings and includes all of Duke Realty's wholly-owned suburban office properties in Nashville, Raleigh, South Florida and St. Louis as...

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COMMERCIAL REAL ESTATE NEWS

Chinese Firm Looks to California

A Chinese real-estate firm known for its big investments at home is casting its net much farther afield, becoming one of the most aggressive property buyers in California.

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COMMERCIAL REAL ESTATE NEWS

Saks Off 5th to Relocate Minneapolis Store

Saks Fifth Avenue Off 5th has signed a lease for 40,321 square feet in the retail portion of Minneapolis City Center. The new store is slated to open in April 2016, continuing the fashion retailer's 25-year presence in downtown Minneapolis. Off 5th has been anchoring Gaviidae Common at 61 6th St. with a 50,000-square-foot store. The retail space that it occupies there was sold last month to United Properties in Bloomington, MN for $7.5 million...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Jan. 25 - 31)

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: Houston, Phoenix, New York City, Los Angeles, Baltimore, Greensboro / Winston-Salem, London, Philadelphia, Orlando, South Bay, and Chicago. HOUSTON Avison Young Hires Principal in Houston By Tanika Belfield-Martin Bringing mo

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COMMERCIAL REAL ESTATE NEWS

Builders Bet on Strong Spring With Speculative Homes

Home builders are ramping up their construction of speculative homes—those built without a buyer lined up in advance—in anticipation that the recent pickup in sales will carry through to the spring home-buying season.

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COMMERCIAL REAL ESTATE NEWS

Saks Off 5th To Relocate Las Vegas Store

Saks Fifth Avenue Off 5th plans to relocate its Las Vegas store to a new home at Town Square Las Vegas, to open March 2015. The retailer will relocate one mile north of its current location at 7680 S. Las Vegas Blvd. at the Las Vegas Outlet Center. The new store will be twice the size of the current location boasting 44,000 square feet compared to 21,875 square feet. Share with Your Followers on Twitter Tweet “Las Vegas is a prime tourist...

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COMMERCIAL REAL ESTATE NEWS

Market Trend: South Florida Retail Vacancy Decreases to 5.1%

The South Florida retail market experienced a slight improvement in market conditions in the fourth quarter 2014. The vacancy rate went from 5.3% in the previous quarter to 5.1% in the current quarter. Net absorption was positive 1,128,249 square feet, and vacant sublease space increased by 48,201 square feet. In third quarter 2014, net absorption was positive 563,172 square feet. Tenants moving into large blocks of space in 2014 include...

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COMMERCIAL REAL ESTATE NEWS

Graying America, Health-Care Overhaul Boost Medical Properties

Investors are pouring money into buying and developing health-care-related properties, a class of commercial real estate that has been outperforming almost all others since the recession.

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COMMERCIAL REAL ESTATE NEWS

IRET Escalating Portfolio Sale Following Oil Price Plunge

Sensitive to dramatically depressed oil prices and seeing a decline in net operating income, Minot, ND-based REIT Investors Real Estate Trust this morning announced it will consider selling substantially all of its commercial office and retail properties to focus on its multifamily and health care segments, the property sectors where it has done most of its recent acquisitions. "Over the past several years we have improved our portfolio through...

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COMMERCIAL REAL ESTATE NEWS

Westbrook Partners Raises Nearly $700 Mil. For its Tenth Fund

Westbrook Partners pulled in $693 million in its initial close of Westbrook Real Estate Fund X. The fund is opportunistic in nature and will be 50-50 invested in selected U.S. coastal markets and in the global markets. Westbrook utilizes lower leverage as compared to a generally accepted maximum leverage ratio for opportunistic funds. Share with Your Followers on Twitter Tweet Among its investors, the Texas Municipal Retirement System...

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COMMERCIAL REAL ESTATE NEWS

Retail at Port Authority Bus Terminal Is Poised for Renewal

Crowded bus stations aren’t commonly known for appealing retail environments, but two New York City real-estate firms are aiming for just that at the Port Authority Bus Terminal.

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COMMERCIAL REAL ESTATE NEWS

CohnReznick Acquiring NOI Strategies

CohnReznick LLP, one of the top accounting, tax, and advisory firms in the U.S., signed a letter of intent to acquire NOI Strategies (NOI), a global real estate consulting boutique. Terms of the deal were not disclosed. However, all Chicago-based NOI’s employees are joining New York-based CohnReznick. Based on NOI Strategies website, that would include 17 key personnel, including Tama Huang, NOI’s CEO, who will become a principal with CohnReznick...

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COMMERCIAL REAL ESTATE NEWS

Ytech Int'l, Mattos Pay $21M for Miami Development Site

Miami-based development and real estate investment firm Ytech International and joint-venture partner Carlos Mattos have acquired 2.24 acres of development land at 201 SE 2nd Ave. in Miami, FL from investor-owned electric power utility Florida Power & Light Co. for $21 million. The level land, located just north of the Miami River, encompasses almost an entire city block on the east side of 2nd Ave. in the city's Downtown submarket. It is entitled...

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COMMERCIAL REAL ESTATE NEWS

Aid for Factory Hits Sweet Spot

New York City has awarded $13.2 million in recovery funds to Madelaine Chocolate Co., one of the largest employers in the city hit by superstorm Sandy.

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COMMERCIAL REAL ESTATE NEWS

Allstate Acquires Flagler West Corp Park

Allstate Realty Associates acquired the Flagler West Corporate Park at 8700 W. Flagler St. in Miami, FL from Robertson Properties Group for $25 million. A 126,004-square-foot, four-story office building that was constructed in 1980 is anchored by DeVry University and Ocean Bank. An adjacent 9,250-square-foot retail strip building also included in the sale was built in 2008. The assets sit on 7.7 acres in the West Miami submarket of South Florida...

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COMMERCIAL REAL ESTATE NEWS

Speaker's Woes Leave Tenant Advocates Wary

Rent-regulation laws are due to expire in June—along with tax abatements sought by the real-estate industry—and it is far from clear what role Assembly Speaker Sheldon Silver will play in this year’s face-off in Albany.

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COMMERCIAL REAL ESTATE NEWS

Atrium West Sold for $11M

Douglas Pike Associates acquired the Atrium West office building at 7771 W. Oakland Park Blvd. in Sunrise, FL from ROVI Properties LLC for $10.95 million, or about $118 per square foot. The seller acquired the asset back in May 2012 for just $4.8 million, according to CoStar data. ROVI completed extensive renovations, including new floors, a sculpture fountain, interior landscape and upgraded lobby with modern furniture. See CoStar COMPS #2311054...

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COMMERCIAL REAL ESTATE NEWS

Robertson Stretches to New Zealand

Billionaire Julian Robertson is renowned as a pioneer in the hedge-fund industry, but less know is the role that a New Zealand real-estate investment has played in his career and that of one of his sons.

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COMMERCIAL REAL ESTATE NEWS

Miami Warehouse Sold for $4.3M

An owner/user from Doral, FL acquired the industrial building at 2500 NW 74th Ave. in Miami, FL from Holem Machninery for $4.26 million, or about $81 per square foot. The 52,466-square-foot warehouse was built in 1972, just a few blocks from Miami International Airport. It has a total of eight loading docks and is zoned IU-2, which allows for heavy manufacturing, something the buyer was looking for. Giselle de Troyban of GlobalVest Realty Group...

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COMMERCIAL REAL ESTATE NEWS

Chelsea Rooftop Offers Toasty Winter Getaway

The McKittrick Hotel, the home of the immersive theater piece ‘Sleep No More’ on West 27th Street, has reimagined its rooftop garden as a winter lodge.

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COMMERCIAL REAL ESTATE NEWS

Floor & Decor Renews, Expands to 324,000 SF in Miramar

Floor & Décor Outlets of America, Inc. has re-upped at the Countyline Business Center located at 3701 S. Flamingo Rd. in Miramar, FL, taking a total of 324,000 square feet there. The deal, representing a lease renewal of 183,000 square feet and expansion into an additional 140,000 square feet, is the largest industrial lease signed in Florida so far this year -- beating out CGI Windows & Doors' 107,000-square-foot deal last week in Miami. Built...

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COMMERCIAL REAL ESTATE NEWS

China's Kaisa Seeks to Raise Funds From Foreign Investors

Cash-strapped Chinese property developer Kaisa Group Holdings is exploring ways to raise funds from foreign investors and is in talks with other Chinese developers to sell assets.

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COMMERCIAL REAL ESTATE NEWS

CFH Group Pays $15.8M for 152 Units in North Lauderdale

CFH Group acquired 152 apartment units located at The Cove at Parrot's Landing from Brass Enterprises for $15.81 million, or about $104,000 per unit. An additional $2.49 million was paid to Brass Enterprises for personal property. The Cove at Parrot's Landing is located at 7900 Hampton Boulevard and totals 560 units. The remaining 408 units are still owned by Brass Enterprises. The 152 units that traded were approximately 97 percent occupied...

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COMMERCIAL REAL ESTATE NEWS

Millennials Yearn for Homes in the Suburbs

New survey shows Generation Y prefers to live in single-family homes outside the urban center, even if they currently reside in the city.

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