Acadia/ Terranova Buy 3 Buildings in $52 Million Lincoln Road Deal
February 17 2011 - 5:00PM
Business Wire
Joint venture affiliates of Acadia Realty Trust (NYSE: AKR) and
Terranova Corporation have closed on a landmark three building deal
for the acquisition of 741 Lincoln Road, 600 Lincoln Road, and 723
North Lincoln Lane in Miami Beach, Florida for a total purchase
price of approximately $52 million.
Current tenants at the properties include Starbucks, Geox Shoes,
and Zagat-rated restaurants Sushi Samba Dromo and Tacontento.
Terranova will manage and lease the 61,000 square foot
portfolio.
Lincoln Road, an 8-block open-air pedestrian mall between Alton
Road and Washington Avenue, is an exciting destination for south
Florida residents and tourists alike, featuring high-end
restaurants, boutiques, and bars where shoppers and diners can
expect to enjoy the most modern shopping and entertainment paired
with a lively nightlife scene. The street generates some of the
highest per square foot sales in Florida as one of the only 24-hour
retail destinations.
Lincoln Road is undergoing a mini-boom motivated in part by the
opening of the New World Symphony campus designed by renowned
architect Frank Gehry. Top retailers recently coming to Lincoln
Road include Forever 21, Danny Meyer’s Shake Shack, and Rosa
Mexicana. Another major anchor is working a big deal as well.
While other Miami-Dade retail destinations noted declines in
rental rates and occupancy, Lincoln Road rents have continued to
grow as retailer competition for this unique location has been
intense.
“The three property Lincoln Road acquisition greatly enhances
our fashion forward street front retail product. Terranova now has
a 61,000 square foot presence on Lincoln Road, once known as the
5th avenue of the south, and we will expand that moniker to Lincoln
Lane as local and national tenants clamor for retail space as
buyers make their return to Miami Beach,” said Terranova Chairman
Stephen Bittel. “We are thrilled to have Acadia join us in the
venture, providing capital, along with deep experience and acute
knowledge of urban retailing. The Acadia team brings much to the
venture in their first south Florida investment.”
“We are excited to expand our street retail platform to this
unique Florida location,” stated Kenneth F. Bernstein, President
and CEO of Acadia Realty Trust. “This portfolio is consistent with
and complementary to our other successful street retail properties
in Greenwich and Westport, Connecticut and Lincoln Park, Chicago.
We have worked with the Terranova team for many years. Their talent
and local expertise make them the ideal partner for this
venture.”
Acadia Realty Trust, a fully-integrated equity real estate
investment trust, is focused on the ownership, management and
redevelopment of high-quality retail properties and urban/infill
mixed-use properties with a strong retail component located
primarily in high-barrier-to-entry, densely-populated metropolitan
areas along the East Coast and in the Midwestern United States. As
of December 31, 2010, Acadia owned, or had an ownership interest
in, 79 properties through its core portfolio and three
opportunistic/value-add investment funds. Additional information
may be found on the Company’s website at
www.acadiarealty.com.
Terranova Corporation, South Florida’s leading commercial
real estate advisory firm, currently is involved with commercial
real estate assets for its clients and its own portfolio valued at
nearly $1 billion. The company offers complete commercial real
estate services, including asset and property management, leasing,
tenant representation, acquisitions dispositions, financing,
construction management and development services.
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