MIAMI-Terranova is on a retail roll. The company just announced a string of new leases at its shopping centers, including deals at Biscayne Plaza Shopping Center, Suniland Shopping Center, El Mercado Shopping Center and Westfork Plaza.
Stephen Bittel, Chairman and CEO of Terranova, tells GlobeSt.com the national chains are singing leases again. That’s good news for the South Florida economy, since retail is an early indicator of recovery.
“Retail sales are translating into new retail tenants from the national chains,” Bittel says. “Local tenants are still struggling to obtain financing. South Florida is among the healthier retail markets nationally, and South Broward and Miami-Dade counties are probably the healthiest in South Florida.”
Sabor Tropical Supermarket is the new anchor tenant at Biscayne Plaza. Sabor inked a long-term lease for about 24,000 square feet that it will occupy no later than Jan. 2012. Built in 1953, Biscayne Plaza serves Miami’s Upper Eastside, just north of the historic Miami Modern District.
“Sabor Tropical will be replacing the President Supermarket at Biscayne Plaza. There will be a seamless transition between President and Sabor Tropical, so there will be no impact to the community,” says Mindy McIlroy, executive vice president at Terranova. “This is the first step in the right direction for the redevelopment of this community shopping center.”
Meanwhile, health-conscious fast food chain Energy Kitchen is taking down about 2,500 square feet at Suniland Shopping Center. Suniland Shopping Center is in the Miami-Dade submarket of Pinecrest.
El Mercado’s newest tenant is Rent-A-Center, which is leasing 4,000 square feet at the Hialeah location. Publix anchors the center. Finally, Westfork Plaza inked a 10-year, 16,000-square-foot lease with Navarro Discount Pharmacy. Navarro will join anchors Baptist Medical Plaza at Pembroke Pines, Office Max and Regal Cinemas.
“Westfork Plaza lies on Pines Boulevard, the major retail corridor in Broward County which links east and west Pembroke Pines and is easily accessible from I-75,” says McIlroy. “The high volume of traffic at this location and its sister property Paraiso Parc facilitates Navarro’s initiative to appeal to a wider demographic pool.”
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