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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
BLOW DRY BAR HEATS UP MIRACLE MILE
03/20/2015
Leasing

MIAMI BEACH, FL – March 20, 2015 – The Blow Bar, a phrase unknown to the male demographic, but certainly one that the women of America are well versed in as a ‘quick-stop’ hair regiment, has a new player in South Florida, Cherry Blow Dry Bar.

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COMMERCIAL REAL ESTATE NEWS

CBRE Promotes Mr. Famous to Lead Retail Americas Team

CBRE Group, Inc. has promoted Brandon Famous to senior managing director and leader of the firm's retail occupier advisory and transaction services practice for the Americas. Based in Philadelphia, PA, Famous will handle the team's business operations, development, financial performance and recruitment across the U.S., Canada and Latin America. The retail practice currently advises 1,000 retailers and encompasses more than 450 retail brokers...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Apr. 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, Austin, Los Angeles, Philadelphia, San Diego, Chicago, Columbus, Charlotte, Washington DC, and South Florida. NEW YORK CITY Liebersohn Joins Avison Young By Rachel Rosenberg A. Mitti Liebersohn is joining the m

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COMMERCIAL REAL ESTATE NEWS

Plots: Loews Hotel Power Breakfast Set to Go Nationwide

The Loews Regency New York Hotel on Park Avenue is famous for attracting tycoons and deal makers looking to schmooze over breakfast. Now its owner is expanding the tradition.

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COMMERCIAL REAL ESTATE NEWS

Baby Boomer Investors Exchanging Multifamily Ownership for Net Lease Retail

Since bottoming five years ago this quarter, the average per square foot price being paid for single-tenant net leased retail properties has now surpassed their pre-recession highs of 2007. The average price increased to about $263 per square foot in the past quarter, up from its low of about $175, according to CoStar Group sales data. And the dollar volume of deals completed last year surpassed $25 billion, which is $7 billion more than in 2013...

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COMMERCIAL REAL ESTATE NEWS

Florida East Coast Industrial Secures Financing for Rail Yard, Intermodal Center

An affiliate of Fortress Investment Group LLC, Florida East Coast Industrial LLC, has secured a mezzanine loan for $26.5 million for the 228 acres at Hialeah Rail Yards in Miami, FL. The site is located near the Miami Airport and Intermodal Center. Hialeah Yards is contracted to a 99-year lease to Florida East Coast Railway, a regional freight railroad that operates 350 miles of mainline track between Jacksonville and Miami. The mezzanine loan...

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COMMERCIAL REAL ESTATE NEWS

GE Close to Selling Real-Estate Portfolio

General Electric is close to selling off most of its $30 billion in real-estate holdings, part of a broader effort to separate from a big finance business that has fueled the company’s profits but nevertheless rattled investors concerned about its risks.

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COMMERCIAL REAL ESTATE NEWS

Empire Outlets Inks 100,000 SF in New Retail Leases Before Breaking Ground

52 million visitors and 8.3 million people living within the five boroughs currently have no retail outlet destinations in New York City. That will all change when the proposed 1 million-square-foot Empire Outlets delivers in 2016 on the North Shore of Staten Island, NY. Ahead of a ceremonial groundbreaking scheduled for Thursday, April 16th, BFC Partners has announced approximately 100,000 square feet of retail space has been leased at its development...

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COMMERCIAL REAL ESTATE NEWS

Centergate at Gratigny Trades for $95.8M

Prudential Real Estate Investors purchased the Centergate at Gratigny industrial facility at 6301 E. 10th Ave. in Hialeah, FL from Barclays Capital for $95.75 million, or about $98 per square foot. The 978,164-square-foot warehouse was constructed in 1999 and is currently leased to Caterpillar Logistic Services, Inc. and BulletLine. The sale also included 29.3 acres of vacant land. Christian Lee of CBRE represented the seller. The buyer handled...

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COMMERCIAL REAL ESTATE NEWS

A Nazi-Built Resort Beckons New Dwellers

After decades of decay, a German coastal site operated by the Third Reich, the Soviets and the East Germans over the years is being converted into hotels and apartments.

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COMMERCIAL REAL ESTATE NEWS

Sears, Simon Property Form a JV for 10 Mall Properties

As part of Sears Holdings Corp.’s efforts to unlock the value of its extensive portfolio of real estate holdings, the retailer and Simon Property Group Inc. have created a joint venture 10 leases. Sears has contributed 10 properties at Simon malls to the JV, including property leased to outside parties. Sears will lease back them back from the JV. Simon has contributed cash to the JV. The lease arrangements will give the JV with the ability...

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COMMERCIAL REAL ESTATE NEWS

Partnership Pays $16.5M for Riviera Plaza

Riviera Holdings Plaza LP, a partnership between 13th Floor Investments, Gadinsky Real Estate LLC, and Echion USA, purchased the Riviera Plaza at 1542 S. Dixie Hwy. in Coral Gables, FL from a private trust for $16.5 million, or about $367 per square foot. The 45,000-square-foot retail building was constructed in 1955 and last renovated in 2002. Some of the current tenants include Subway and My Yogurt Bliss. The buyers are planning a mixed-use...

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COMMERCIAL REAL ESTATE NEWS

Chinese Insurers Move In on U.S. Property

China’s two largest insurance companies are making their first investment in U.S. commercial real estate, buying a majority stake in a $500 million project in Boston.

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COMMERCIAL REAL ESTATE NEWS

Not Done Yet: Blackstone To Acquire Excel Trust for $2 Billion

In its second multi-billion dollar deal of the morning, The Blackstone Group agreed to acquire all outstanding shares of Excel Trust for $2 billion. As of year-end 2014, Excel owned 38 retail properties totaling 7.2 million square feet of GLA, which were 94.3% leased and had a weighted average remaining lease term of six years. One retail property also contains 339 apartment units. It also owns two commercial office properties, Excel Center, a...

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COMMERCIAL REAL ESTATE NEWS

Messinger Joins JLL to Expand Retail Brokerage Services

Aileen Messinger has joined JLL (NYSE: JLL) as a vice president, retail brokerage in the firm's Brickell office in Miami, FL. In her new role, Messinger will handle agency leasing while building the firm's landlord representation business in South Florida. A seasoned industry professional, Messinger was brought on to meet the mounting demands of retail landlords in Miami, which according to JLL are enjoying a strong rental growth quarter-over...

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COMMERCIAL REAL ESTATE NEWS

Vornado Could Give Penn Station Area New Lease on Life

Vornado plans to invest in the down-on-its-heels area of Manhattan.

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COMMERCIAL REAL ESTATE NEWS

Walgreens Stepping Up Cost Reductions; To Close 200 Stores

In its first earnings announcement since the year-end combination of Walgreen Co. and Alliance Boots GmbH, Walgreens Boots Alliance Inc. disclosed plans to close 200 stores. The new closings follow the company's previously announced $1 billion cost-reduction initiative. After further “rigorous analysis,” the company said it plans to close even more stores than originally planned, primarily in its U.S. retail pharmacy division, to wring more cost...

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COMMERCIAL REAL ESTATE NEWS

Arbors East Office Park Sold for $20.2M

RexxHall Realty sold The Arbors East Office Park at 1615 - 1625 S. Congress AVe. in Delray Beach, FL to Grover & Corlew Realty Investors for $20.15 million, or about $115 per square foot. The two buildings are 77,257 square feet and 98,171 square feet. At the time of sale the two office properties had a blended occupancy of 81 percent. Built in 1981, the properties sit on more than 12 acres in Palm Beach County. Christian Lee and Scott O’Donnell...

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COMMERCIAL REAL ESTATE NEWS

Property Zooms Ahead in Philippines

Neighborhoods inspired by Beverly Hills, fast-rising office towers and swanky malls resembling landmarks like St. Mark’s Square in Venice: It might sound like China circa 2005, but this is the Philippines in 2015.

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COMMERCIAL REAL ESTATE NEWS

Pier 1 Imports Begins Reducing its Store Count

With 60% of its store leases expiring in the next three years, Pier 1 Imports is looking to close slightly more than 9% of its store base. The Fort Worth-based retailer ended 2014 operating 1,065 stores. In its first quarter earnings conference call this week, the company said it has identified about 100 stores for closure, primarily through natural lease expiration. “The majority of these are low-volume stores in small markets where there is...

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COMMERCIAL REAL ESTATE NEWS

Kolter Grp Acquires Harbor Point Condos for $15M

Harbor Point Association, Inc. sold the 36-unit residential condominium site located at 5000 N. Ocean Dr. on Singer Island, FL, in Palm Beach County, to The Kolter Group for $15 million, or about $417,000 per unit. The beachfront building was 95 percent occupied at time of sale with most of the leases short-term. The more than 50-year-old condominium property will be demolished for a new luxury development. It currently sits among a gathering...

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COMMERCIAL REAL ESTATE NEWS

Golf Club's Fate Rests in Bankruptcy Judge's Hands

The plan to sell the Golf Club at Briar’s Creek in South Carolina out of bankruptcy faces a crucial test: a vote from some of the club’s members.

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COMMERCIAL REAL ESTATE NEWS

Updated: Luxury Retail Chains Saks, Nordstrom Relying on Off-Price Stores to Lead Growth

Luxury department store operators Hudson’s Bay Co., which owns Saks and Lord & Taylor, and Seattle-based Nordstrom Inc. are increasingly relying on their discount operations to drive growth this year as both announced plans for new store openings. Hudson’s Bay said this week it plans to invest between $350 million and $400 million on store openings this year. Only one of the new stores will a Saks Fifth Avenue store however, while new store openings...

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COMMERCIAL REAL ESTATE NEWS

Top Commercial Real Estate Firms and Brokers in Miami / Dade County Win CoStar Power Broker Awards

Several top firms and real estate brokers in Miami/Dade County are among the winners of the annual CoStar Power Broker Awards. Every year, CoStar's research team verifies and records the commercial real estate sales and lease transactions that closed during the previous year. From that information, CoStar presents CoStar Power Broker Awards to a select number of brokerage firms and individual brokers who closed the highest overall transaction...

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COMMERCIAL REAL ESTATE NEWS

Developer Envisions Offices for Williamsburg

A developer is betting she can make Brooklyn’s Williamsburg, the darling of apartment builders, a high-rent office destination for technology and creative firms.

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COMMERCIAL REAL ESTATE NEWS

Developers of New Outlet Mall Quickly Adding New Space

Developers of a new outet centerbetween Louisville and Lexington, KY are wasting no time adding more retail space with plans to expand before the upcoming holiday shopping season. CBL & Associates Properties (NYSE: CBL) and Horizon Group Properties (OTC: HGPI) announced they have begun work on the second phase of The Outlet Shoppes of the Bluegrass with plans to build and open the 53,400-square-foot expansion by this November. The outlet center...

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COMMERCIAL REAL ESTATE NEWS

Avison Young Awarded Leasing Assignment for Broward County Office Portfolio

After acquiring a nine-building office portfolio in Broward County from Duke Realty earlier this year, new owners Starwood Capital, Trinity Capital Advisors and Vanderbilt Office Properties awarded the leasing assignment to Avison Young. The listing is one of the largest leasing assignment changes in South Florida and a major coup for Avison Young, which took over the properties at the beginning of April. At 89 percent occupied, the office...

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COMMERCIAL REAL ESTATE NEWS

Jersey City Mayor Seeks to Limit Chain Stores

Jersey City Mayor Steve Fulop wants to limit chain stores in downtown neighborhoods, joining an urban debate over whether cities should boost policies that favor mom-and-pop stores over chain retailers.

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COMMERCIAL REAL ESTATE NEWS

Katz Pays $46.8M for Pompano Marketplace

Principal Real Estate Investors LLC sold the Pompano Marketplace shopping center at 1115-1299 S. Federal Hwy in Pompano Beach, FL to Katz Properties Real Estate Investments for $46.8 million, or approximately $196 per square foot. The 239,200-square-foot retail building was completed in 1989 on 19.2 acres, and has over 800 parking spaces. This property is located in the Fort Lauderdale submarket of Broward County. Casey Rosen of CBRE represented...

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COMMERCIAL REAL ESTATE NEWS

Investors Flock to Europe Warehouses

Sales of industrial properties rise as buyers bet on demand from retailers catering to online consumers expecting next-day delivery of their goods.

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