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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 DEAL WITH WELLS FARGO
10/01/2014
Leasing

MIAMI BEACH, FLORIDA –October 1, 2014 –Terranova Corporation is pleased to announce the addition of Wells Fargo to the Shoppes of Ives Dairy, a 25,000 square foot center in Miami Gardens, Florida. The San Francisco-based banking giant signed a 5-year lease for 826 square feet at 19809 NW 2nd Avenue. With over 12,000 ATMs coast to coast, the new Wells Fargo ATM is projected to launch February 2015.

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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 Real Estate Partners VII 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 with unidentified parties to sell a portion of the portfolio over the near term with the goals of improving the risk-adjusted returns and...

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COMMERCIAL REAL ESTATE NEWS

Starwood Acquires Seven Strategic Malls From Taubman

Taubman Centers completed the previously announced sale of seven malls to Starwood Capital Group. Consideration for the properties totaled $1.403 billion, excluding transaction costs. The sales are part of Taubman's ongoing strategy to recycle capital and maximize its net operating income growth rate. "These transactions are transformative for the company. The sale of these assets leaves our remaining portfolio significantly enhanced, with...

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COMMERCIAL REAL ESTATE NEWS

Mortgage Rates Below 4%

Mortgage rates this week fell to their lowest level since June 2013, mortgage-finance company Freddie Mac said Thursday, as the jitters being felt in the stock and bond markets ripple throughout the economy.

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COMMERCIAL REAL ESTATE NEWS

Starwood Acquires Seven Strategic Malls From Taubman

Taubman Centers completed the previously announced sale of seven malls to Starwood Capital Group. Consideration for the properties totaled $1.403 billion, excluding transaction costs. The sales are part of Taubman's ongoing strategy to recycle capital and maximize its net operating income growth rate. "These transactions are transformative for the company. The sale of these assets leaves our remaining portfolio significantly enhanced, with...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Oct. 12 - 18)

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, South Florida, Boston, East Bay, Tampa / St. Petersburg, Los Angeles, Houston, Washington DC, Chicago, Austin, Phoenix, Seattle, and Orange County. NEW YORK CITY Retail Power Broker Pomerantz Joins C&W By CoStar News Staff More news...

COMMERCIAL REAL ESTATE NEWS

Many on Renwick Street Embrace Development

Renwick Street, one of a few, largely hidden one-block streets in Manhattan, is coming out from the shadows with a burst of new development construction.

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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. 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 year 2015 of $12.5 to $13...

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COMMERCIAL REAL ESTATE NEWS

CBRE Global Investors Pays $132.5M Airport Corp Ctr in Miami

A fund sponsored by CBRE Global Investors, has closed on its previously-announced, $132.5 million acquisition of Airport Corporate Center in Miami, FL. Hines sold the 45-acre, 11-building office park immediately adjacent to Miami Airport, at 7200-7665 Corporate Center Drive in the Miami Airport East submarket of South Florida. The asset, almost 79 percent leased at the time of sale, offers more than one million square feet of flex and office...

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COMMERCIAL REAL ESTATE NEWS

For Real-Estate Investors, It's Out With the Old

As foreign investors and pension funds push up prices for top-quality, low-vacancy office buildings, Boston Properties, one of the nation’s largest owners of existing office space is shifting gears.

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COMMERCIAL REAL ESTATE NEWS

ALCO Stores Puts Grocery Chain Up for Sale

ALCO Stores Inc. with 198 locations across the country is seeking a sale of 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 United States. The stores average...

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COMMERCIAL REAL ESTATE NEWS

Market Trend: South Florida Office Vacancy Decreases to 12.6%

The South Florida Office market ended the third quarter 2014 with a vacancy rate of 12.6%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 517,444 square feet in the third quarter. That compares to positive 1,108,395 square feet in the second quarter 2014. Vacant sublease space decreased in the quarter, ending the quarter at 445,436 square feet. Some of the notable move-in’s in 2014 include: The...

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COMMERCIAL REAL ESTATE NEWS

Stamford Tower Feels Office Market Drag

The weak Stamford, Conn., office leasing market is creating a headache for 400 Atlantic St., an office tower operated by Landis Group.

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COMMERCIAL REAL ESTATE NEWS

Sears Leasing Seven of its Stores to Primark

Struggling 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 lease from Sears approximately 400,000 net square feet retail space in mall-based stores located in the Northeastern United States. The space is expected to be delivered to Primark over the next 12 to 18 months. Sears will continue to have a significant presence in six...

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COMMERCIAL REAL ESTATE NEWS

Boudreau Joins NAI Rauch Weaver Norfleet Kurtz & Co

Elizabeth Boudreau joined NAI Rauch Weaver Norfleet Kurtz & Co. as a commercial sales and leasing associate in the firm's Fort Lauderdale office. Boudreau will represent both users and owners in Broward and Palm Beach Counties. Boudreau was previously at Enterprise Bank, servicing small and medium-sized business clients in Massachusetts and New Hampshire. She also served as a bank service manager before locating to South Florida to pursue her...

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COMMERCIAL REAL ESTATE NEWS

Extell in Talks to Buy Midtown Church Property

The developer of the One57 condominium project that soars 90 stories over Central Park is negotiating to buy property controlled by a Midtown church.

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Oct. 12 - 18)

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, South Florida, Boston, East Bay, Tampa / St. Petersburg, Los Angeles, Houston, Washington DC, Chicago, Austin, Phoenix, Seattle, and Orange County. NEW YORK CITY Retail Power Broker Pomerantz Joins C&W By CoStar News Staff More news...

COMMERCIAL REAL ESTATE NEWS

CNL Taps Olen to Lead South Florida Office

Randy Olen has joined CNL Commercial Real Estate as principal in the firm's Miami, FL office. The 27-year real estate industry veteran will assist the firm's expanding offerings in the office, retail, and industrial brokerage practice areas across the South Florida market. Olen previously served as executive vice president at Colliers International South Florida. Before that he held leadership roles at Holly Sime Realty, CBRE, Cushman & Wakefield...

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COMMERCIAL REAL ESTATE NEWS

New Entry in Meatpacking District

A Meatpacking District building that has been home to stables, a restaurant and more is being redeveloped as a Restoration Hardware store, according to people familiar with the deal.

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COMMERCIAL REAL ESTATE NEWS

New Listing: 33 Property Midwest Retail Portfolio

Brett Chetek, senior director of the national retail group at Marcus & Millichap, is representing the seller on an exclusive listing of 33 neighborhood retail centers located across the Midwest. The portfolio offers a unique opportunity to acquire 33 properties from a single seller. With centers located in St. Louis and Kansas City, MO; Memphis, TN; Cincinnati and Columbus, OH; and Indianapolis, IN, the properties are situated in markets with...

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COMMERCIAL REAL ESTATE NEWS

Akerman Signs 108,000-SF Office Lease to Anchor Miami's Brickell City Centre

Akerman LLP, a top-100 U.S. law firm, has signed a 108,000-square-foot lease to anchor the office space at Brickell City Centre in Miami, FL. Brickell City Centre Green, one of two office buildings currently under construction within the $1.1 billion, 5.4 million-square-foot, mixed-use development, will offer more than 130,000 square feet of 5-Star office space when it is completed in late 2015. Located on the east block at 98 SE 7th St., the...

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COMMERCIAL REAL ESTATE NEWS

Plots & Ploys: SEC Approves New Rules for Nontraded REITs

The SEC approved rule changes for nontraded real-estate investment trusts and other alternative investments that will require more disclosure and more-frequent valuations from the trusts.

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COMMERCIAL REAL ESTATE NEWS

Melo Group Secures $67M Construction Loan for Miami's Melody Tower

Residential real estate developer Melo Group has received a $67.11 million construction loan from TotalBank for the development of Melody Tower, a 36-story luxury apartment building currently rising at 245 NE 14th St. in Miami, FL. Melo broke ground last month on the 497-unit project, and is expected to complete construction in early 2016. The 500,000-square-foot multifamily building will sit on one acre in the burgeoning Arts & Entertainment...

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COMMERCIAL REAL ESTATE NEWS

Agile Property Shares Plunge

Shares of Chinese real-estate developer Agile Property fell to a five-year low after the company said Chinese prosecutors have its chairman in custody.

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COMMERCIAL REAL ESTATE NEWS

Romero Joins CREC as Firm Expands Retail Leasing Portfolio

Continental Real Estate Companies has added Downtown Dadeland to its leasing portfolio, and Rafael Romero as an associate vice president in its Coral Gables, FL office. Romero will focus on leasing lifestyle centers while building the firm's lifestyle center portfolio across the state. His first assignment will be leasing the retail component of Downtown Dadeland, a 127,000-square-foot shopping and dining destination directly across from Dadeland...

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COMMERCIAL REAL ESTATE NEWS

What's the Deal: News Digest

A roundup of commercial property news from across the tri-state region.

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COMMERCIAL REAL ESTATE NEWS

$800M Panorama Tower to Be Miami's First Immigrant Investment Visa Project

The 83-story Panorama Tower, already under construction by developer Florida East Coast Realty (FECR) in Miami's Brickell District, will become the city's first designated development under the federal EB-5 program that grants green cards to foreign nationals that invest in U.S. commercial enterprises. At 830 feet, the tower is set to rise on the district's largest land parcel at 1101 Brickell Ave.and will be the tallest residential building on...

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COMMERCIAL REAL ESTATE NEWS

Nearly Like Father, Like Son at CBRE

Peter Turchin followed his father into the real-estate brokerage business at CBRE Group, but his father, Martin, didn’t like the idea of him following too closely in his footsteps.

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