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South Florida

Terranova, Acadia buy retail trio on Lincoln Rd.

Lincoln Road
Lincoln Road

Terranova Corp. and Acadia Realty Trust obtained a $84 million loan from Bank of America for a trio of retail buildings on Lincoln Road in Miami Beach, Daily Business Review reported.

Terranova and Acadia purchased the buildings at 719, 801 and 826 Lincoln Road for $139 million last year.

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The buildings are fully leased, according to Terranova. Tenants include Aldo, Fossil, Kiehls, Steve Madden and Solstice.

The loan represents the “perfect intersection of great real estate, committed sponsorship and a great lender,” Terranova chairman Stephen Bittel said. [Daily Business Review] –Emily Schmall

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BanksLincoln RoadTerranova Corp.