MIAMI—In one of the biggest-ever deals in South Florida, MiamiBeach-based Terranova sold its six-buildingportfolio of assets on and around Lincoln Road toMorgan Stanley Real Estate Investing, along withaffiliates of Terranova, for $342 million. Terranova assembled theassets over the past three and a half years for $191 million.
As Terranova chairman Stephen H. Bittel seesit, the deal is one of the most exciting his firm has closed in its35-year history. He views the transaction as a partnership withother owners on the famed street—and the City of Miami Beach—tomove Lincoln Road forward.
“Our investment with Acadia Opportunity Fundshas drawn more and more attention of professional capital to thestreet,” Bittel says. “At the same time, the interest from topinternational retailers has pushed sales and rents higher andhigher.”
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