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Terranova JV Snaps Up Lincoln Road Retail Trio

MIAMI BEACH-Terranova Chairman Steve Bittel tells GlobeSt.com's Jennifer LeClaire that his firm will expand Miami Beach’s “5th Avenue of the South” moniker to Lincoln Lane.

By Jennifer LeClaire | Updated on February 21, 2011

MIAMI BEACH-Joint venture affiliates of Terranova Corporation and Acadia Realty Trust inked a three-building deal to acquire landmark retail properties on Lincoln Road. The $52 million deal includes 741 Lincoln Road, 600 Lincoln Road, and 723 North Lincoln Lane—and adds about 61,000 square feet to its growing urban street front retail portfolios.

Lincoln Road, an eight-block open-air pedestrian mall between Alton Road and Washington Avenue, features high-end restaurants, boutiques and entertainment. The street generates some of the highest per square foot sales in Florida as one of the only 24-hour retail destinations. The recent opening of the New World Symphony campus designed by Frank Gehry has helped spur a mini-boom at the street mall.

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