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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 LEASE WITH GOORIN BROS ON LINCOLN ROAD
10/28/2014
Leasing

MIAMI BEACH, FLORIDA –October 28, 2013 –Terranova Corporation is pleased to announce it has signed a deal with Goorin Bros, a traditional custom hat boutique at 612 Lincoln Road in Miami Beach, Fla.

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COMMERCIAL REAL ESTATE NEWS

PREIT Considers Accelerating Piecemeal Sales of Underperforming Malls

Pennsylvania Real Estate Investment Trust's (PREIT) shares experienced the 'activist effect' this week as its stock price climbed steadily by more than $1.10 a share to approach its highest price in the past year. The sudden investor interest in the retail REIT came after Land & Buildings Investment Management, a shareholder in PREIT, went public with its recommendation that PREIT sell a pool of half of its 33 shopping mall assets into a liquidating...

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COMMERCIAL REAL ESTATE NEWS

Miami Beach IHOP Sells for $3.3M

IHOP Collins LLC sold the retail building at 6928 Collins Ave. in Miami, FL to Renegade Realty Trust LLC for $3.3 million, or about $1,300 per square foot. The 2,470-square-foot restaurant building was constructed in 1965 in the Miami Beach submarket, and was renovated in 2008. The asset is fully occupied by an International House of Pancakes on a triple-net lease. Brian Rosen of Marcus & Millichap represented the seller. Richard Nardi of...

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COMMERCIAL REAL ESTATE NEWS

A Bet on Miami Signals Luxury Retail's Urban Shift

General Growth Properties. and Ashkenazy Acquisition are paying $280 million for a 20% stake in the company that owns much of this city’s Design District, betting on the emerging luxury-retail neighborhood as some 50 brands prepare to open new stores.

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COMMERCIAL REAL ESTATE NEWS

Blackstone / DDR Acquire 71 Shopping Centers for $1.93 Bill

A joint venture between an affiliate of Blackstone and DDR Corp. closed on the $1.93 billion acquisition of 71 shopping centers previously owned by American Realty Capital Properties Inc. David J. Oakes, president and CFO of DDR, also disclosed that the joint venture is in discussions to flip a portion of the portfolio to one or more unidentified parties. The portfolio primarily consists of power centers in Los Angeles, Houston, Denver, Chicago...

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COMMERCIAL REAL ESTATE NEWS

Dockerty Romer & Co Secures $70M for Broadstone North Boca Village

A permanent loan has been arranged for the newly-constructed multifamily at 7701 N. Federal Hwy known as the Broadstone North Boca Village. Craig Romer of Dockerty Romer & Co. secured the financing placed with an institutional pension fund advisor through Fannie Mae's DUS Program. Broadstone North Boca Village consists of 384 luxury rental units featuring one-, two-, and three-bedroom floor plans. Amenities include an 11,000-square-foot clubhouse...

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COMMERCIAL REAL ESTATE NEWS

A Modular-Design Setback in Brooklyn

Advocates of affordable housing and for design innovation cheered in 2011 when Forest City Ratner unveiled plans to push “modular” construction techniques with a Brooklyn apartment tower. But now Forest City and construction company Skanska USA are suing each other over B2 BKLYN.

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COMMERCIAL REAL ESTATE NEWS

Starwood Acquires Seven Malls From Taubman

Taubman Centers completed the previously announced sale of seven malls to Starwood Capital Group for $1.403 billion, excluding transaction costs. "These transactions are transformative for the company. The sale of these assets leaves our remaining portfolio significantly enhanced, with higher sales productivity and faster net operating income growth," said Robert S. Taubman, chairman, president and CEO of Taubman Centers. "It also allows management...

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COMMERCIAL REAL ESTATE NEWS

CW Horizons Sells Boynton Beach Multifamily

CW Horizons, Inc. sold the 64-unit Ocean Park Apartments at 2861 S. Seacrest Blvd. in Boynton Beach, FL to a private investor for $5.3 million, or approximately $83,000 per unit. The 46,000-square-foot multifamily community consists of one- and two-bedroom models in eight buildings. It was built in 1974 in the Outer Boynton Beach submarket of Palm Beach County. Evan Kristol and Brandon Rex of Marcus & Millichap represented both parties in the...

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COMMERCIAL REAL ESTATE NEWS

Casinos Put Up Hands Near Colleges

Casino gambling may soon be added to the list of campus vices in New York, drawing anticipation from college students and concern from legislators and school officials.

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COMMERCIAL REAL ESTATE NEWS

Walmart Cutting Back on Square Footage Growth

Wal-Mart Stores Inc. plans to scale back its large format store growth through fiscal year 2016 as it steps up its investments in e-commerce and opening smaller stores. Presenting its capital expenditure plans for the next fiscal year ending Jan. 31, 2016, Walmart said total capital spending is projected to range between $11.6 billion and $12.9 billion, including a stepped up commitment for e-commerce. This is below the updated range for fiscal...

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COMMERCIAL REAL ESTATE NEWS

New Owner Renames Broward Shopping Center

Lovell, Inc. sold the former Oakland Park Shoppes at 3809-2889 NW 9th Ave. in Oakland Park, FL for $1.6 million, or about $111 per square foot, to Palm Key Dev, Inc. The new owner has renamed the center as Palm Key Plaza. Built in 1972, the 14,330-square-foot shopping center is conveniently located off I-95 and is fully occupied. Palm Key Plaza is currently under renovations. The buyer acquired the asset through a 1031 Exchange following the...

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COMMERCIAL REAL ESTATE NEWS

Hotel Family Lays Out a Future

Denihan Hospitality Group is focusing on expansion as it rides the strong hotel market in New York and looks to a new generation of the Denihan family.

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COMMERCIAL REAL ESTATE NEWS

ALCO Stores Puts Grocery Chain Up for Sale

ALCO Stores Inc., which has 198 locations across the country, is seeking to sell the chain through a Chapter 11 bankruptcy reorganization. Tiger Capital Group LLC, SB Capital Group LLC, and Great American Group WF LLC are collectively serving as the 'stalking-horse liquidator' for the Coppell, TX-based discount grocery store chain. ALCO operates primarily in rural locations in 23 states throughout the central U.S. The stores average 21,000...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Oct. 19 - 25)

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: Greenville / Spartanburg, Cleveland / Northern Ohio, San Diego, South Florida, Atlanta, Washington DC, Northern New Jersey, Philadelphia, and Chicago. GREENVILLE / SPARTANBURG Colliers Taps Pollard as Vice Chair, Retail Services USA By Justin Sumner More news...

COMMERCIAL REAL ESTATE NEWS

London Real-Estate Market May Be Cooling

Homes in the U.K. capital have been among the hottest global assets in recent years, but signs continue to suggest the heat is escaping.

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COMMERCIAL REAL ESTATE NEWS

Sears Leasing Seven of its Stores to Primark

Struggling department store retailer Sears Holdings Corp. agreed to lease 520,000 square feet in seven of its standalone stores to Primark, a leading fashion retailer in Europe. Primark will also lease approximately 400,000 net square feet of retail space in Sears' mall-based stores located in the northeastern U.S. The space is expected to be delivered to Primark over the next 12 to 18 months. Sears said it will continue to have a significant...

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COMMERCIAL REAL ESTATE NEWS

Market Trend: South Florida Retail Vacancy Stays at 5.3%

The South Florida retail market did not experience much change in market conditions in the third quarter 2014. The vacancy rate went from 5.3% in the previous quarter to 5.3% in the current quarter. Net absorption was positive 179,909 square feet, and vacant sublease space increased by 21,761 square feet. In second quarter 2014, net absorption was positive 1,016,680 square feet. Some of the notable move-ins in 2014 include: Publix moving...

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COMMERCIAL REAL ESTATE NEWS

'New Urbanism' Hits the Suburbs

Long Island is seeing a boomlet in alternatives to the long-treasured single-family home, from rental buildings near transit hubs for young people to multistory condo developments often aimed at empty nesters.

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COMMERCIAL REAL ESTATE NEWS

JLL Promotes Titcomb

JLL has promoted Brady Titcomb to vice president and associate director of brokerage in the firm's expanding Fort Lauderdale, FL office. In his new role, Titcomb will partner with Alice Lucia Jackson, senior vice president to focus on the continued growth of the office's landlord leasing and brokerage business lines and Broward and Palm Beach Counties. Titcomb most recently served as vice president and as research director since 2010. In this...

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COMMERCIAL REAL ESTATE NEWS

Wells Fargo Banks on European Real Estate

Wells Fargo, the largest U.S. commercial-property lender, is pushing deeper into Europe amid worries about the strength of the U.K. market and as eurozone countries slide toward recession.

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COMMERCIAL REAL ESTATE NEWS

Mariners Key on the Intracoastal Sold

AIMS Real Estate, a business unit of Goldman Sachs Asset Management, in a joint-venture with Atlanta-based Carroll Organization, acquired the Mariners Key on the Intracoasta multifamily propety at 913 Lake Shore Dr. in West Palm Beach, FL. The 246,578-square-foot, 208-unit apartment complex was built in 1965 on 10.9 acres in the Kelsey City Multifamily submarket of Palm Beach County. At the time of sale, the property was 95 percent occupied...

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COMMERCIAL REAL ESTATE NEWS

Time to Refinance (Again)?

The average charge on a 30-year fixed-rate loan is the lowest since June 2013.

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COMMERCIAL REAL ESTATE NEWS

Flagler Jewelry Center Sold for $4.5M

A NJ-based investor acquired the Flagler Jewelry Center at 9-17 E. Flagler St. in Miami, FL for $4.5 million, or about $214 per square foot, from a local investor. The buyer has now acquired a total of 200,000 square feet in an assemblage on Flagler Street. Built in 1938 and renovated in 2000, the two-story, 21,000-square-foot retail building was the former W.T. Grant Store. It currently operates as the Flagler Jewelry Center, and is fully...

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COMMERCIAL REAL ESTATE NEWS

U.S. Agencies Approve Relaxed Mortgage-Lending Rules

Three U.S. agencies signed off on relaxed mortgage-lending rules, helping complete a long-stalled provision of the 2010 Dodd-Frank financial law.

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COMMERCIAL REAL ESTATE NEWS

Fountain Square Office Complex Sells for $37M

Contrarian Capital Management acquired the Fountain Square office complex at 2600 - 2700 N. Military Trl sold for $37 million, or about $149 per square foot, from JP Morgan Chase & Co. PCCP LLC secured the senior loan of $34 million to finance the acquisition and lease-up the office properties. The purchaser is using NAI Merin Hunter Codman, Inc. to manage and lease the office complex. Built between 1987 and 1999, Fountain Square was constructed...

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COMMERCIAL REAL ESTATE NEWS

Plots & Ploys: Revving Up Jaguar Growth Partners

New York Life Insurance has agreed to commit up to $100 million for the first fund of Jaguar Growth Partners, a new private-equity firm established by former executives of Sam Zell’s Equity International.

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