A partnership between affiliates of Miami Beach-based Terranova Corp. and Morgan Stanley Real Estate Investing closed on the $342 million purchase of six buildings on the city’s Lincoln Road on Tuesday.
Terranova is set to be the managing member of the new ownership entity and keep managing, leasing and developing the portfolio. Two of the parcels have Historic Preservation Board approval to expand and a three-story building is proposed on Lincoln Lane.
A partnership between Terranova and Acadia Realty Trust sold the portfolio after spending a combined $191 million assembling it in February 2011 and December 2012. Tenants include Dylan’s Candy Bar and Sushi Samba.
“It was a very rewarding investment for everyone involved,” Terranova chairman Stephen Bittel told the Miami Herald. “We are fully engaged in the two redevelopments and the one ground-up development that are part of this portfolio. And we remain laser focused on working with the city to make sure the redevelopment of the common areas is completed.”
The Terranova/Morgan partnership is on the hunt for more properties, according to Bittel. [Miami Herald] — Eric Kalis