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TRENDS MAGAZINE- Urban Street Retail Report 2013
01/01/2014
Market research

Welcome to the first issue of Terranova Trends – a real estate magazine produced by Terranova Corporation, South Florida’s leading full service commercial real estate advisory firm.

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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 FIRST TEA LOUNGE ON CORAL GABLES' MIRACLE MILE
01/27/2014
Leasing

MIAMI BEACH, FLORIDA –Jan. 24, 2014 –Terranova Corporation is pleased to announce it has signed a lease on Miracle Mile for Ticety Iced Tea Bar, a new restaurant and bar concept inspired by consumers' re-discovered love for tea.

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COMMERCIAL REAL ESTATE NEWS

CBL Planning Major Restructuring of its Mall Portfolio

CBL & Associates Properties, Inc., one of the largest owners and developers of malls and shopping centers in the U.S., has embarked on an aggressive plan to jettison under-performing shopping centers and redeploy the proceeds into higher-growth properties with the goal of doubling its NOI per year. CBL owns or manages 91 regional malls/open-air centers and 150 retail properties located across 30 states and totaling 86.9 million square feet. As...

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COMMERCIAL REAL ESTATE NEWS

815 Executive Ctr Sells for $2.5M

Trujillo Vargas LLC acquired the office building at 815 Ponce De Leon Blvd. in Miami, FL from a private trust for $2.5million, or about $174 per square foot. The three-story, 14,376-square-foot office building was constructed in 1976 and renovated in 1996. The property features Mediterranean-styled architecture, ground-floor retail space, and covered parking. Laura Kefalidis of Sperry Van Ness Miami represented the buyer. The CBRE team of Miguel...

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COMMERCIAL REAL ESTATE NEWS

Former Tobacco Hub Clears the Air

Preservationists have long staked a claim to rescuing architecturally important train stations and government buildings. Many now are shifting their focus to saving vestiges of America's industrial past.

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COMMERCIAL REAL ESTATE NEWS

Family Dollar Closing 370 Stores, Cutting Staff and Growth Projections

After announcing declining sales and lower profits for the second quarter, discount retailer Family Dollar Stores Inc. said it plans to close 370 stores and slow the pace of new store growth. The retailer also said it plans to cut prices on many items in its stores in hopes of attracting more shoppers. “Our second quarter results did not meet our expectations,” said Howard R. Levine, chairman and CEO, who cited higher than expected promotional...

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COMMERCIAL REAL ESTATE NEWS

Stemtech Leases 47,000 SF in Pembroke Pines

Stemtech International, Inc. signed a seven-year lease for 2010 NW 150th Ave. in Pembroke Pines, FL. The relocation of its international headquarters from San Clemente, CA brings local incentives to the Pembroke Pines area that will result in an additional 90 new jobs along with $1.35 million in capital investments for construction, renovations, and office equipment. The two-story, 46,000-square-foot property was built in 2001 on 5.2 acres in...

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COMMERCIAL REAL ESTATE NEWS

New York REIT Starts Fast

Shares of Nicholas Schorsch's latest real-estate investment trust closed trading at $10.75 a share, rising close to 3.8% in the last hour of trading. Before Tuesday, the shares were valued at $10 each.

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COMMERCIAL REAL ESTATE NEWS

Garden of Life Leases 23,000 SF in Palm Beach Gardens

Garden of Life leased 23,355 square feet at the Corporate Center at the Gardens, an office building located at 4200 Northcorp Pky. in Palm Beach Gardens, FL. The tenant will take occupancy of the second floor in October. The four-story, 114,518-square-foot office property was constructed in 1996 on 6.2 acres in the North Palm Beach County submarket of South Florida. The asset is approximately 78 percent leased to multiple tenants, including Oxford...

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COMMERCIAL REAL ESTATE NEWS

Plots & Ploys

Google made a limited number of its Google Glass products available to the general public for the first time, and Starwood Hotels & Resorts wants in.

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COMMERCIAL REAL ESTATE NEWS

Brookwood Financial Acquires Plaza 100 in Fort Lauderdale

Brookwood Financial Partners LP acquired the Plaza 100 office building at 100 NE 3rd Ave. in Fort Lauderdale, FL from Beacon Investment Properties LLC for $32.5 million, or about $196 per square foot. The 11-story, 165,627-square-foot, 4-Star property was constructed in 1983 on 1.9 acres in the Downtown Fort Lauderdale submarket of Broward County. The asset was 82 percent occupied at the time of sale. Christian Lee, Jose Lobon, Charles Foschini...

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COMMERCIAL REAL ESTATE NEWS

Nasdaq Is Bullish on Times Square Backdrop

Nasdaq OMX Group Inc. is renovating its high-wattage building in Times Square as it leverages its growing New York City presence to attract more corporate clients and recruit more high-tech talent.

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COMMERCIAL REAL ESTATE NEWS

Moss & Associates Appoints New VP

Alexander Smith, Jr. has joined Moss & Associates as the new vice president and project executive. Based in the firm's Fort Lauderdale, FL office, Smith has a variety of duties which will include project management, development and implementation of scheduling logistics, overseeing costs, quality and safety control, contract administration, and owner and subcontractor negotiations. Smith brings 18 years of construction industry experience, having...

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COMMERCIAL REAL ESTATE NEWS

Space Quest: Google Needs More Offices

Google has played a major role in New York's evolution into a technology center and now wants to expand further in the city, launching a search for enough space to hold more than 3,000 employees.

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COMMERCIAL REAL ESTATE NEWS

Market Trend: South Florida Office Vacancy Down to 13.2%

The South Florida Office market ended the first quarter 2014 with a vacancy rate of 13.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 506,503 square feet in the first quarter. That compares to positive 713,224 square feet in the fourth quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 581,058 square feet. Some of the notable move-in’s for 2014 include: Tyco...

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COMMERCIAL REAL ESTATE NEWS

For Sale: a New York City Landmark

The Church Missions House, on land donated by financier J. Pierpont Morgan, is on track to revert to for-profit ownership: The six-story, 36,749-square-foot jewel is being put up for sale on Monday.

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COMMERCIAL REAL ESTATE NEWS

Parkway Pays $145.8M for Miami's Courvoisier Centre

Parkway Properties, Inc. (NYSE: PKY) has acquired Courvoisier Centre at 501 and 601 Brickell Key Dr. in Miami, FL from Tishman Speyer for $145.8 million, or about $421 per square foot. The 346,000-square-foot, two-building office complex was built in the late 1980s on 4.5 acres in the Brickell submarket of Miami/Dade County, on Brickell Key Island. The buildings feature panoramic water views and a comprehensive amenity package. Courvoisier Centre...

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COMMERCIAL REAL ESTATE NEWS

Settlement Prevents Apartments' Foreclosure

The owners of 1,700 below-market apartments in New York City have struck a deal with their lenders and the state attorney general's office to rescue the portfolio from foreclosure.

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Apr. 6 - 12)

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, New York City, Detroit, Philadelphia, East Bay, Orange County, Phoenix, Los Angeles, St. Louis, Seattle, and Northern New Jersey. CHICAGO Bertke to Direct CBRE's Asset Services in Eastern U.S. By CoStar Research

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COMMERCIAL REAL ESTATE NEWS

Cushman & Wakefield Scores A Big One: Citigroup Contract

Cushman & Wakefield Inc. has quietly scored what appears to be a big victory in a mighty battle among real estate services companies: the Citigroup account.

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COMMERCIAL REAL ESTATE NEWS

Two Tenants Lease 66,000 SF at Prospect Park III

Two tenants in the last two weeks have signed lease deals to occupy a total of 66,075 square feet at 5400 NW 35th Ave. in Fort Lauderdale, FL. In the first deal, Future Energy Solutions leased 39,678 square feet there. In a separate deal, JM Fields Marketing signed a 26,397-square-foot lease deal. The two-story, 66,075-square-foot warehouse was built in 1987 on 2.8 acres in the Central Broward County Industrial submarket of South Florida....

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COMMERCIAL REAL ESTATE NEWS

What's the Deal

A roundup of commercial real estate transactions in Greater New York.

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COMMERCIAL REAL ESTATE NEWS

Marron Joins NAI Rauch Weaver Norfleet Kurtz & Co

John Marron has rejoined NAI Rauch Weaver Norfleet Kurtz & Co. as an associate in the firm's Fort Lauderdale office. Marron has worked in sales and service-oriented positions for nearly 25 years. The relationships that he developed during his time in the upscale hospitality sector have benefited him greatly in commercial real estate. His approach is principle-centered and market-based. Marron is originally from Rochester, NY, where he attended...

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COMMERCIAL REAL ESTATE NEWS

Times Square Hotel Nears a Break From Its Seedy Past

The dilapidated Hotel Carter has attracted offers of as much as $170 million from developers and investors since it was put up for sale late last year. A winner may be selected as early as this week.

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