MIAMI—In the largest Florida retail acquisition of 2012,affiliates of Terranova Corporation andAcadia Realty Trust bought a three-building retailportfolio on Miami Beach's Lincoln Road for $139 million. Thebuildings are located at 801, 826, and 719 Lincoln Road, home toFossil, Dylan's Candy, and Kiehl's.
The nearly 60,000-square-foot portfolio expands the jointventure's Lincoln Road commercial real estateholdings. That makes the JV the largest pure retail owner on thefamed street.
“These properties have huge upside as lease rates roll up tomarket,” says Stephen Bittel, chairman ofTerranova. “We look forward to bringing the best retailers in theworld to join the impressive collection already on LincolnRoad.”
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