Cushman & Wakefield Brokers $66M Sale of Miami Retail Asset

By Robert Demeter

Suniland Shopping Center

Miami–Suniland Associates Ltd., a Terranova Corp. affiliate, recently sold its 82,000-square-foot Suniland Shopping Center to Dividend Captial, a Denver based private REIT. The $66.5 million sale, equated to $811 per square-foot, concluded the firms over 22 year investment run with the retail asset. Cushman & Wakefield Vice President Mark Gilbert brokered the deal.

Suniland acquired the property in two transactions: paying $9.3 million in 1994, followed by an out-parcel purchase of $1.1 million in 1996, totaling $10.4 million. The gain was profitable to investors over the long hold when cash flow from operations, refinancing proceeds, and sale proceeds were combined. Investors received an annualized internal rate of return over the investment period of 33 percent.

“We have been so proud to grow the value of Suniland throughout our holding period. Suniland has provided one of the most remarkable returns on a real estate investment ever, returning an equity multiple of twenty five times,” said Stephen Bittel, chairman, Terranova.

Suniland Shopping Center sits on 7.11 acres on U.S.1 in Pinecrest, at 11325 South Dixie Highway. Its tenants include Flanigans, SunTrust, Citicorp, the U.S. Post Office, CVS, Nicklaus Children’s Hospital, Pete’s Barber Shop and Wagons West.

Terranova Corp. is a leading South Florida commercial real estate advisory firm currently involved with commercial real estate assets for its clients and its own portfolio valued at over $1 billion. Terranova offers complete commercial real estate services, including retail, leasing & property management, acquisition/joint ventures, tenant representation, dispositions, financing, development and construction management.