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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

Agree Realty Acquires AutoZone, Sonic Portfolios

Agree Realty Corp. has acquired 22 retail net lease properties in three separate transactions totaling $19.5 million, including 14 AutoZone stores, seven Sonic restaurants and a Dollar General Market. The AutoZone portfolio includes 14 auto parts stores in six states across the southeastern United States, including Alabama, Florida, Louisiana, Mississippi, South Carolina and Tennessee. All the stores are leased to AutoZone on an absolute net basis...

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COMMERCIAL REAL ESTATE NEWS

Holman Automotive Acquires Fort Lauderdale Site for New Mini Sales Office

Air & Sea Parking, Inc. sold the parking garage at 2125 S. Federal Hwy in Fort Lauderdale, FL to Holman Automotive for $3.65 million, or about $96 per square foot. The 1.1-acre site is currently improved with a three-story, 38,000-square-foot parking facility with 185 spots. The new owner plans to renovate the existing structure. Local architects Falkanger Snyder Martineau & Yates are designing a new, ultra-modern showroom and car dealership...

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COMMERCIAL REAL ESTATE NEWS

Mortgage Lending Falls

New figures released by the Federal Reserve Bank of New York show mortgage lending is running at its lowest level in 13 years, with 2014 on pace to be the weakest for new loans since 2000.

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COMMERCIAL REAL ESTATE NEWS

Hudson’s Bay Arranges $1.25 Bil Refinancing on its Saks Fifth Ave. Flagship Store

Hudson's Bay Co. has arranged $1.25 billion, 20-year mortgage on the ground portion of its Saks Fifth Avenue flagship in New York City at 611 Fifth Ave. In connection with this transaction, lenders Bank of America, Morgan Stanley Bank, Goldman Sachs Mortgage Co. and The Bank of Nova Scotia, independently commissioned a leading international appraiser to provide appraisals of the land and the building. The independent appraiser valued the entire...

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COMMERCIAL REAL ESTATE NEWS

Agree Realty Acquires AutoZone, Sonic Portfolios

Agree Realty Corp. has acquired 22 retail net lease properties in three separate transactions totaling $19.5 million, including 14 AutoZone stores, seven Sonic restaurants and a Dollar General Market. The AutoZone portfolio includes 14 auto parts stores in six states across the southeastern United States, including Alabama, Florida, Louisiana, Mississippi, South Carolina and Tennessee. All the stores are leased to AutoZone on an absolute net basis...

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COMMERCIAL REAL ESTATE NEWS

Rebirth for Harlem Renaissance Site

A plan to tear down the Renaissance Casino and Ballroom and turn it into a luxury apartment building could help complete the transformation of a pocket of northern Harlem that has lagged behind the rapid redevelopment of the surrounding area.

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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

Powell Joins CRE Board

George W. Powell, Jr., Esq., MAI, CRE, managing partner with Akerman's Naples, FL office has joined the board of directors of The Counselors of Real Estate (CRE). In this new role, Powell will assist the organization with information resources, professional development, knowledge sharing, and networking as he serves a three-year term as a member of the CRE board. Powell has almost four decades of experience protecting real property rights through...

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COMMERCIAL REAL ESTATE NEWS

Deal to Buy Revel Casino at Risk

Built at a cost of $2.4 billion, Revel made its boardwalk debut in 2012, but failed to turn a profit, filing its second Chapter 11 case in June.

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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

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 By Finn Raftery St

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COMMERCIAL REAL ESTATE NEWS

Simon Property Seeks to Boost Stake in Macerich

Simon Property Group may seek to boost its stake in mall rival Macerich Co., a move that analysts said could trigger a takeover attempt.

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COMMERCIAL REAL ESTATE NEWS

Market Trend: South Florida Retail Deliveries, Construction and Inventory

During the third quarter 2014, 21 retail buildings totaling 259,516 square feet were completed in the South Florida market. Over the past four quarters, a total of 1,670,705 square feet of retail space has been built in South Florida. There were 2,252,803 square feet of retail space under construction at the end of the third quarter 2014. Some of the notable 2014 deliveries include: Palm Beach Outlets, a 444,000-square-foot facility that delivered...

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COMMERCIAL REAL ESTATE NEWS

Creating a Niche Beyond a Real Estate Empire

Stephen L. Green is a household name in the real estate industry; less well-known is his son Gary Green, who runs a company that keeps a big chunk of his father’s buildings as well as other prime New York properties clean and secure.

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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

Baldwin: Suburbia, Diversity Not Far From City

The Long Island hamlet of Baldwin is a popular destination for home buyers seeking a suburban lifestyle with city amenities and conveniences.

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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

Caesars Proposes a REIT Plan

Caesars Entertainment has approached senior creditors about a plan to convert the casino company’s largest unit into a real-estate investment trust as it works to restructure $18.4 billion in debt.

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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

Developer Offers to Shorten Tower Near South Street Seaport

Officials said they remained dissatisfied with an offer by Howard Hughes Corp to trim the height of its proposed tower just south of the Brooklyn Bridge.

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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

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

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

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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