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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
MOVE OVER CUPCAKES, MACARONS ARE COMING TO TOWN
02/26/2015
Leasing

MIAMI BEACH, FLORIDA –February 23, 2014 –Cupcakes have taken over the dessert world for the past decade, but a new treat is on the rise and is opening up shop throughout the U.S. The nation is now satisfying their sweet tooth with macarons - a pillowy, dainty, and luxurious French cookie.

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COMMERCIAL REAL ESTATE NEWS

JPMorgan Chase Preps for More Downsizing, Bank Planning To Close 400 Branches

JPMorgan Chase & Co. put the real estate community on alert this week at its annual Investor Day conference by announcing it is not done downsizing its $11 billion office and retail footprint. The bank said its big focus this year and next will be downsizing its retail branch network and trimming employment cost in its remaining branches. JPMorgan, which netted 24 branch closures in 2014, is looking to close about six times that number in each...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Feb. 22 - 28)

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: Chicago, San Diego, New York City, Dallas / Ft. Worth, San Francisco Bay, Greenville / Spartanburg, Seattle, South Florida, Los Angeles, Detroit, Chicago, and Charlotte. CHICAGO CBRE Appoints Two in Chicago By Bryce Meyers CBRE

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COMMERCIAL REAL ESTATE NEWS

Florida Developer Rides Four Seasons Wave

Nadim Ashi plans to build a Four Seasons hotel and condos behind the legendary Surf Club in Miami Beach, part of a new vanguard of developers entering untapped markets for the luxury brand.

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COMMERCIAL REAL ESTATE NEWS

HBC Partners with Simon, RioCan To Monetize Retail Property Holdings

Hudson’s Bay Co. (HBC), the owner of the Lord & Taylor and Saks Fifth Avenue department store chains in the U.S. and Hudson's Bay department stores and housewares chain Home Outfitters in Canada, has agreed to contribute and lease-back its extensive retail property portfolio to two new joint ventures formed with Simon Property Group Inc. and RioCan Real Estate Investment Trust as part of a larger strategy to unlock value from its real estate holdings...

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COMMERCIAL REAL ESTATE NEWS

Market Trend: South Florida Industrial Deliveries, Construction and Inventory

During the fourth quarter 2014, four Industrial buildings totaling 225,150 square feet were completed in the South Florida market area. This compares to six buildings totaling 736,444 square feet that were completed in the third quarter 2014. There were 2,176,310 square feet of Industrial space under construction at the end of the fourth quarter 2014. Warehouse Owners Enjoy Another Quarter of Accelerating Rent Growth, Developers Ramp Up Construction...

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COMMERCIAL REAL ESTATE NEWS

Lamar Revenue Tops Expectations

Lamar Advertising reported that its revenue rose more than expected in the December quarter, after its funds from operations jumped 59% due to its conversion into a real-estate investment trust.

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COMMERCIAL REAL ESTATE NEWS

In New Omnichannel Era, Investors Wonder Whether Retail or Industrial is Better Play

The success of the omnichannel sales approach increasingly embraced by national retailers depends on brick and mortar stores providing a retail market presence, product showrooms and fulfillment capabilities. Just last month, we reported on Amazon and other Internet retailers’ early forays into leasing retail space in the coming years. All good news indeed for retail property investors. However, the market shift brought on by mobile technology...

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COMMERCIAL REAL ESTATE NEWS

Harak Joins Blanca in Miami

Chris Harak has joined Blanca Commercial Real Estate as a senior vice president. Based in the firm's Miami office, Harak joins the firm's tenant representation practice alongside Luciana Carvalho, MCR. Harak brings more than ten years of market experience, having completed deals for World Fuel Services, Gibraltar Private Bank, H. Lee Moffit Cancer Research Institute, and International Bonded Couriers, Inc. He most recently served as assistant...

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COMMERCIAL REAL ESTATE NEWS

Cushman & Wakefield Going Up for Sale

The Italian family that controls Cushman & Wakefield, one of the world’s largest real-estate services firms, is putting the company up for sale as rising property prices push up the value of rivals.

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COMMERCIAL REAL ESTATE NEWS

Mana Takes Thomas Center in Another Move to Capture the Flagler

Israeli businessman Moishe Mana has purchased another retail building in his ongoing assemblage in Downtown Miami, FL. Barlington Group Real Estate Services sold The Thomas Center at 172 W. Flagler St. for $5.1 million, or about $196 per square foot. The two-story building totals 26,082 square feet on a quarter-acre at the corner of SW 2nd Ave., near All Aboard's MiamiCentral, Government Center station, and just a few blocks from the Miami River...

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COMMERCIAL REAL ESTATE NEWS

CoStar Preps Site for Lead Role in Rentals

In a bid to leapfrog competitors in the online apartment-listing business, CoStar Group Inc. is spending heavily to make Apartments.com the go-to website for renters seeking new digs.

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COMMERCIAL REAL ESTATE NEWS

Blackstone Snaps Up Second Select Service Portfolio From Hotel Developer

In the latest deal illustrating the demand of private-equity capital for U.S. hotel portfolios, an affiliate of The Blackstone Group has acquired 19 select service hotels from Spartanburg, NC-based OTO Development. The portfolio totals 2,385 rooms spread across 18 premium select- and one full-service hotel under such flags such as Hampton Inn & Suites, SpringHill Suites, Hyatt Place, Hyatt House and Sheraton. Most of the assets are concentrated...

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COMMERCIAL REAL ESTATE NEWS

Norway Fund Bulks Up on Real Estate

Norway’s state-run investment fund is becoming one of the world’s biggest landlords at a time when other big commercial property owners are sounding alarms about high prices.

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COMMERCIAL REAL ESTATE NEWS

Miami Vacation Rental Sells for $7.5M

An investor acquired the vacation rental property at 1350 Collins Ave. in Miami Beach, FL for $7.5 million, or about $1,500 per room, from Ventura Holdings I LLC. Built in 1930, the rental property features three buildings totaling 5,188 square feet on a 7,000-square-foot lot near Ocean Drive. Jonathan Lay with Fairchild Partners, Inc. represented the buyer. Susan Gale with One Sotheby’s International Realty represented the seller. Please...

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COMMERCIAL REAL ESTATE NEWS

Brooklyn Nonprofit Sets Mixed-Use Redo

A Brooklyn nonprofit group is cashing in on the borough’s hot real-estate market by cutting a deal with a developer to convert its headquarters to new office space and apartments.

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COMMERCIAL REAL ESTATE NEWS

Sunbeam Properties Pays $13.8M for NBV Office

Sunbeam Properties/Development, Inc. acquired the office building at 1440-1470 John F. Kennedy Causeway in North Bay Village, FL from CoFe Properties LLC for $13.8 million, or about $183 per square foot. The 75,295-square-foot office building was delivered in 1957 in the Miami Beach submarket, overlooking the Biscayne Bay. Reportedly, both parties handled the direct sale in-house. Please see CoStar COMPS #3218749 for more information on this...

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COMMERCIAL REAL ESTATE NEWS

U.S. Home Sales Falter to Start Year

Sales of previously owned homes slowed in January, a reflection of the rising prices and tight supplies that could constrain the housing market this year.

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COMMERCIAL REAL ESTATE NEWS

Merrick Plaza Office Bldg Sold for $14M

Ascendant Commercial Insurance acquired the Merrick Plaza Building at 2199 Ponce De Leon Blvd. in Coral Gables, FL from GrupoUno International for $14 million, or about $287 per square foot. The five-story, 48,866-square-foot office building was delivered in 1980 in the heart of the Coral Gables submarket, at the corner of Alhambra Circle. Tere Blanca of Blanca Commercial Real Estate, Inc. represented the buyer. John Lonardo of Sperry VanNess...

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COMMERCIAL REAL ESTATE NEWS

Jersey City Vies to Up Its Game in Office Market

Jersey City has been making the case that it is an up-and-comer in the office-space market, attracting clothiers and publishers as well as building on its base of financial-services companies.

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COMMERCIAL REAL ESTATE NEWS

Tenant Acquires Coconut Grove Retail for $14M

Pointe Group Advisors purchased the retail building at 3444 Main Hwy in Coconut Grove, FL from Grover Commercial Enterprises, Inc. for $14 million, or about $455 per square foot. The three-story, 30,770-square foot property is located near two destination centers, Mayfair in the Grove and Cocowalk, an area undergoing various redevelopment. The majority of the property is leased, with the buyer occupying space on the second floor prior to the sale...

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COMMERCIAL REAL ESTATE NEWS

Building Up and Branching Out

Henry and Cathy Lee and went from selling nunchucks in Times Square to building a real estate empire that their children now help run. Today Mr. Lee wants to return to China as a real-estate investor.

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COMMERCIAL REAL ESTATE NEWS

Chromalloy Leases 69,000 SF in Fort Lauderdale

Chromalloy, a supplier of advanced aircraft parts and repairs, leased 70,000 square feet of industrial space at 3600 NW 54th St. in Fort Lauderdale, FL. The tenant plans to use their new location for distribution of their aircraft parts and to house the material solutions sales office. Built in 1992, the two-story, 68,500-square-foot property went through renovations in 2004 and sits on three acres conveniently located in central Fort Lauderdale...

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COMMERCIAL REAL ESTATE NEWS

What's the Deal: News Digest

A roundup of real-estate news in the Greater New York area.

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