The Real Deal Miami

$342M sale would be Lincoln Road record

Acadia, Terranova set to sell six-property retail portfolio for major profit
Dylan's Candy Bar

Dylan’s Candy Bar

Terranova Corp. and Acadia Realty Trust are about to set a Lincoln Road record by selling a six-property portfolio on the Miami Beach block for $342 million.

White Plains, N.Y.-based Acadia disclosed in its latest quarterly earnings conference call that it and Miami Beach-based Terranova have a deal in place to sell the portfolio to an undisclosed institutional investor. The companies assembled the parcels in two transactions totaling $191 million in February 2011 and December 2012. The sale would represent a $151 million – or 79 percent – profit, not including property carrying costs or income generated from the buildings.

Tenants at the properties include Dylan’s Candy Bar and Sushi Samba.

If the deal closes, it would be one of the most expensive commercial trades in South Florida history, according to the Miami Herald. The only commercial site to fetch a higher price was the $375 million sale of a 50 percent stake in Fontainebleau Miami Beach six years ago. [Miami Herald]Eric Kalis

  • Anonymous

    I’ll go ahead and say what everyone is thinking; the top is soon.

    • jake

      you’re wrong.

      • Anonymous

        You’re right. This is totally sustainable. They’ll exit in 4 years at $648M.

        • real invetstments

          you have to be out of your mind this is not new York, the amount of shoppers Lincoln road has between local and tourists don’t do enough justice for the rent these big landlords are going to charge that’s number one. number 2 the price again is based on what location, locals and tourists if they want to shop its Aventura mall or bal harbor they only come to Lincoln for restoraunts to kill time and occasionally shop but only if they are down there. What local says hey I am going to go shopping on Lincoln at least not enough to justify these landlords rents and prices they are paying. its going to be a crash in the commercial sector because eventually even the big anchor stores will realize there is not enough profit for them to stay. numbers don’t makes sense these big companies are going on a hunch and hype of Miami notttttt facts and economics. the average Miami dade resident is making 50-60K Per family and they are not shopping in Lincoln roads. facts not hype