{"id":1004056916,"date":"2012-12-28T12:42:47","date_gmt":"2012-12-28T20:42:47","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=90620"},"modified":"2022-12-08T01:17:11","modified_gmt":"2022-12-08T09:17:11","slug":"terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\/","title":{"rendered":"Terranova\/Acadia Pay Record $139M for Lincoln Road Retail Portfolio"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Georgiana Mihaila, Associate Editor<\/em><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/lincoln-road.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-90625\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/12\/lincoln-road.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a><\/p>\n<p style=\"text-align: justify\">In what seems to be Florida\u2019s largest retail acquisition of 2012, Terranova Corporation and Acadia Realty Trust paid $139 million for a three-building portfolio on Lincoln Road in Miami Beach.\u00a0This addition of 801, 826 and 719 Lincoln Road to the Terranova\/Acadia portfolio makes them the largest pure retail owner on the block.<\/p>\n<p style=\"text-align: justify\"><em>The Miami Herald<\/em>\u00a0reports that the deal is being billed as the largest retail acquisition in Florida during 2012 in terms of dollar value, trumping Vornado Realty Trust\u2019s $132 million purchase in July of 1100 Lincoln Road.\u00a0The properties include a Fossil, Dylan&#8217;s Candy and Kiehl&#8217;s.<\/p>\n<p style=\"text-align: justify\">&#8220;These properties have huge upside as lease rates roll up to market,&#8221; said Terranova Chairman Stephen Bittel. &#8220;We look forward to bringing the best retailers in the world to join the impressive collection already on Lincoln Road.&#8221;<\/p>\n<p style=\"text-align: justify\">He added: &#8220;The only thing better than adding to our market-leading position on Lincoln Road is to once again be growing with Acadia as our partner. Their national urban high-street portfolio blends perfectly with Lincoln Road and enables them to add so much more than just capital to our joint investment.&#8221;<\/p>\n<p style=\"text-align: justify\">Back in February 2011, the two companies bought another three-building Lincoln Street portfolio consisting of 61,000 square foot of retail space for approximately $52 million. Since then, the company has brought to the area an Armani Jeans store and an Asian-themed Khong River restaurant.<\/p>\n<p style=\"text-align: justify\">Lincoln Road, an eight-block open-air pedestrian mall between Alton Road and Washington Avenue, is a popular destination for south Florida residents and tourists alike, featuring high-end restaurants, boutiques and bars where shoppers and diners can expect to enjoy the most modern shopping and entertainment paired with a lively nightlife scene. The street generates some of the highest per-square-foot sales in Florida as one of the only 24-hour retail destinations.<\/p>\n<p style=\"text-align: justify\">Moreover, Lincoln Road recently received international acclaim with the opening of H &amp; M on Pennsylvania and Lincoln Roads. This coupled with the New World Symphony entertainment venue and the just-opened Forever 21 store has kept the eyes of world-class retailers sharply focused on the venue, which boasts daily pedestrian traffic estimated at over 25,000 people and retailers regularly reporting fashion sales of over $1,000 per square foot.<\/p>\n<h6 style=\"text-align: justify\">Image via PRNewswire<\/h6>\n<p style=\"text-align: justify\">\n","protected":false},"excerpt":{"rendered":"<p>In what seems to be Florida&rsquo;s largest retail acquisition of 2012, Terranova Corporation and Acadia Realty Trust paid $139 million for a three-building portfolio on Lincoln Road in Miami Beach. This addition of 801, 826, and 719 Lincoln Road to the Terranova\/Acadia portfolio makes them the largest pure retail owner on the street.<\/p>\n","protected":false},"author":39,"featured_media":1004506627,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1492,21742],"tags":[],"class_list":["post-1004056916","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miami","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Terranova\/Acadia Pay Record $139M for Lincoln Road Retail Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terranova\/Acadia Pay Record $139M for Lincoln Road Retail Portfolio\" \/>\n<meta property=\"og:description\" content=\"In what seems to be Florida&rsquo;s largest retail acquisition of 2012, Terranova Corporation and Acadia Realty Trust paid $139 million for a three-building portfolio on Lincoln Road in Miami Beach. This addition of 801, 826, and 719 Lincoln Road to the Terranova\/Acadia portfolio makes them the largest pure retail owner on the street.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-28T20:42:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T09:17:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/lincoln-road.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\\\/\"},\"author\":{\"name\":\"Amalia Otet\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\"},\"headline\":\"Terranova\\\/Acadia Pay Record $139M for Lincoln Road Retail Portfolio\",\"datePublished\":\"2012-12-28T20:42:47+00:00\",\"dateModified\":\"2022-12-08T09:17:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\\\/\"},\"wordCount\":377,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/lincoln-road.jpg\",\"articleSection\":[\"Miami\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/terranovaacadia-pay-record-139m-for-lincoln-road-retail-portfolio\\\/\",\"name\":\"Terranova\\\/Acadia Pay Record $139M for Lincoln Road Retail Portfolio - 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