Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(For more retail coverage, click GlobeSt.com/RETAIL.)

PEMBROKE PINES, FL-Westfork Tower LLC, a joint venture between Miami Beach-based Terranova Corp. and Stamford, CT-based BlackRock Realty Advisors has acquired Westfork Plaza from Miami-based LNR Property Corp. The price tag was $58.4 million, or nearly $232 per sf, for the 251,783-sf shopping center on Pines Boulevard just west of Interstate 75.

Terranova led the acquisition and negotiated the transaction for the buyer following its three-year leasing turnaround of the property for LNR. “It was a special opportunity to buy a property that we had the chance to ‘date’ three years before getting married,” says Stephen Bittel, Terranova’s chairman. Representatives from the New York City and Miami offices of Holliday Fenoglio Fowler LP represented LNR.

Coconut Grove-based Swerdlow Co. developed the center in 1999. Bittel tells GlobeSt.com, “When LNR acquired the property over three years ago, it hired us to reposition it.” During that time, Terranova brokered the $7-million sale of a shuttered Kmart of Costco Wholesale Inc., which is constructing a new unit–its first in Pembroke Pines–to open in October. Terranova also brokered a $4-million deal with Office Max to join in-line anchors Winn Dixie and Regal Cinemas.

In addition, it inked 11 other new leases totaling 50,000 sf to bring occupancy to 100%. The new tenants, which include WCI Prudential Florida, Chicken Kitchen and Las Vegas Cuban Café, join such national chains as Blockbuster Video, Payless ShoeSource, Party City, Rag Shop, Fashion Bug and Hertz.

“We believe there’s still more value to be gained in the property. We have rental rate increases of over 50% with renewals,” he adds. “LNR is historically not a long-term owner. They created value, and this was a good time to sell. We think this is one of the best tenanted, best located retail centers in Broward County.”

Terranova, a provider of retail management, leasing and tenant representation throughout Florida, is involved with nearly $1.5 billion in assets for its clients and its own portfolio, according to Bittel. “We’ve owned in South Florida since 1979,” he says. “Our interest in ownership is accelerating, and retail is the largest proportion of our ownership, although we like all three asset classes. Ownership now represents just under 50% of our commercial real estate involvement, and we intend to grow it along with our other business and keep the entire business at a ratio of about 50/50 [ownership vs. management and tenant representation].”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.