MIAMI—In the largest Florida retail acquisition of 2012, affiliates of Terranova Corporation and Acadia Realty Trust bought a three-building retail portfolio on Miami Beach’s Lincoln Road for $139 million. The buildings are located at 801, 826, and 719 Lincoln Road, home to Fossil, Dylan’s Candy, and Kiehl’s.
The nearly 60,000-square-foot portfolio expands the joint venture’s Lincoln Road commercial real estate holdings. That makes the JV the largest pure retail owner on the famed street.
“These properties have huge upside as lease rates roll up to market,” says Stephen Bittel, chairman of Terranova. “We look forward to bringing the best retailers in the world to join the impressive collection already on Lincoln Road.”
Lincoln Road has received international acclaim recently with the opening of H&M on Pennsylvania and Lincoln Road. This coupled with the New World Symphony world class entertainment venue, and the just opened Forever 21 store, has kept the eyes of world class retailers sharply focused on Lincoln Road.
Lincoln Road boasts of daily pedestrian traffic estimated at more than 25,000 people and with retailers regularly reporting fashion sales of over $1,000 per square foot, and restaurant sales double that. The outdoor pedestrian promenade just blocks from the beach and hotels, creates the magic connection of fashion, entertainment, and dining excitement to drive day and evening traffic all year.
Terranova and Acadia joined in their first Lincoln Road acquisition last year in another three building acquisition. The JV has brought and opened Armani Jeans, the first of its kind in the United States, as well as Asian themed restaurant Khong River to the area.