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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

PREIT Considers Accelerating Piecemeal Sales of Underperforming Malls

Pennsylvania Real Estate Investment Trust's (PREIT) shares experienced the 'activist effect' this week as its stock price climbed steadily by more than $1.10 a share to approach its highest price in the past year. The sudden investor interest in the retail REIT came after Land & Buildings Investment Management, a shareholder in PREIT, went public with its recommendation that PREIT sell a pool of half of its 33 shopping mall assets into a liquidating...

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COMMERCIAL REAL ESTATE NEWS

CoStar's People of Note (Oct. 19 - 25)

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: Greenville / Spartanburg, Cleveland / Northern Ohio, San Diego, South Florida, Atlanta, Washington DC, Northern New Jersey, Philadelphia, and Chicago. GREENVILLE / SPARTANBURG Colliers Taps Pollard as Vice Chair, Retail Services USA By Justin Sumner More news...

COMMERCIAL REAL ESTATE NEWS

Ruling Clears a Path for NYU Expansion

New York University has scored a court victory that could allow it to move forward with its plans to build about 2 million square feet of new facilities in Greenwich Village.

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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 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 to flip a portion of the portfolio to one or more unidentified parties. The portfolio primarily consists of power centers in Los Angeles, Houston, Denver, Chicago...

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COMMERCIAL REAL ESTATE NEWS

Market Trend: South Florida Retail Vacancy Stays at 5.3%

The South Florida retail market did not experience much change in market conditions in the third quarter 2014. The vacancy rate went from 5.3% in the previous quarter to 5.3% in the current quarter. Net absorption was positive 179,909 square feet, and vacant sublease space increased by 21,761 square feet. In second quarter 2014, net absorption was positive 1,016,680 square feet. Some of the notable move-ins in 2014 include: Publix moving...

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COMMERCIAL REAL ESTATE NEWS

High Court Considers Rent-Regulated Leases

The state’s highest court weighed in Tuesday on a dispute over a plan by a bankruptcy trustee to sell the rent-stabilized apartment of an 80-year-old East Village woman to her landlord.

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COMMERCIAL REAL ESTATE NEWS

Starwood Acquires Seven Malls From Taubman

Taubman Centers completed the previously announced sale of seven malls to Starwood Capital Group for $1.403 billion, excluding transaction costs. "These transactions are transformative for the company. The sale of these assets leaves our remaining portfolio significantly enhanced, with higher sales productivity and faster net operating income growth," said Robert S. Taubman, chairman, president and CEO of Taubman Centers. "It also allows management...

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COMMERCIAL REAL ESTATE NEWS

JLL Promotes Titcomb

JLL has promoted Brady Titcomb to vice president and associate director of brokerage in the firm's expanding Fort Lauderdale, FL office. In his new role, Titcomb will partner with Alice Lucia Jackson, senior vice president to focus on the continued growth of the office's landlord leasing and brokerage business lines and Broward and Palm Beach Counties. Titcomb most recently served as vice president and as research director since 2010. In this...

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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

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 and opening smaller stores. 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...

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COMMERCIAL REAL ESTATE NEWS

Mariners Key on the Intracoastal Sold

AIMS Real Estate, a business unit of Goldman Sachs Asset Management, in a joint-venture with Atlanta-based Carroll Organization, acquired the Mariners Key on the Intracoasta multifamily propety at 913 Lake Shore Dr. in West Palm Beach, FL. The 246,578-square-foot, 208-unit apartment complex was built in 1965 on 10.9 acres in the Kelsey City Multifamily submarket of Palm Beach County. At the time of sale, the property was 95 percent occupied...

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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

ALCO Stores Puts Grocery Chain Up for Sale

ALCO Stores Inc., which has 198 locations across the country, is seeking to sell 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 U.S. The stores average 21,000...

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COMMERCIAL REAL ESTATE NEWS

Flagler Jewelry Center Sold for $4.5M

A NJ-based investor acquired the Flagler Jewelry Center at 9-17 E. Flagler St. in Miami, FL for $4.5 million, or about $214 per square foot, from a local investor. The buyer has now acquired a total of 200,000 square feet in an assemblage on Flagler Street. Built in 1938 and renovated in 2000, the two-story, 21,000-square-foot retail building was the former W.T. Grant Store. It currently operates as the Flagler Jewelry Center, and is fully...

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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

Sears Leasing Seven of its Stores to Primark

Struggling department store 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 also lease approximately 400,000 net square feet of retail space in Sears' mall-based stores located in the northeastern U.S. The space is expected to be delivered to Primark over the next 12 to 18 months. Sears said it will continue to have a significant...

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COMMERCIAL REAL ESTATE NEWS

Fountain Square Office Complex Sells for $37M

Contrarian Capital Management acquired the Fountain Square office complex at 2600 - 2700 N. Military Trl sold for $37 million, or about $149 per square foot, from JP Morgan Chase & Co. PCCP LLC secured the senior loan of $34 million to finance the acquisition and lease-up the office properties. The purchaser is using NAI Merin Hunter Codman, Inc. to manage and lease the office complex. Built between 1987 and 1999, Fountain Square was constructed...

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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

Aztec Secures $6.2M to Finance Hallandale Beach Property

Aztec Group secured $6.25 million in financing for a 10-story, multi-tenant office building located at 1920 E. Hallandale Beach Blvd. in Hallandale, FL, known as 1920 Corporate Place. Howard Taft and Charles Penan of the Aztec Group arranged the financing for the borrower. Built in 1972 and renovated in 1998, the 70,000-square-foot office building is located within the Hallandale submarket. The asset is 98 percent occupied to more than 75 tenants.

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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

Starwood Acquires Seven Malls From Taubman

Taubman Centers completed the previously announced sale of seven malls to Starwood Capital Group for $1.403 billion, excluding transaction costs. "These transactions are transformative for the company. The sale of these assets leaves our remaining portfolio significantly enhanced, with higher sales productivity and faster net operating income growth," said Robert S. Taubman, chairman, president and CEO of Taubman Centers. "It also allows management...

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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

CBRE Global Investors Buys Airport Corp. Ctr. in Miami for $132.5M

A fund sponsored by CBRE Global Investors has closed on the $132.5 million acquisition of Airport Corporate Center in Miami, FL. Hines sold the 45-acre, 11-building office park located next to the Miami Airport at 7200-7665 Corporate Center Drive. The property, which was almost 79 percent leased at the time of sale, includes more than one million square feet of flex and office space with access to the Palmetto and Dolphin Expressways. It...

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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

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

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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