MIAMI BEACH, Fla., Jan. 9 /PRNewswire/ -- Terranova announced the sale of Concord Shopping Plaza today on behalf on an institutional client. The 300,000 square foot shopping center located at 11381 Southwest 40th Street Miami, Florida sold for $48,434,500 or $218 psf for the fee portion plus some land leased to Winn Dixie. The property was acquired by Equity One . Terranova's Capital Markets Division, led by Chairman, Stephen Bittel and Commercial Associate, Scott Rohrbach represented the seller in the sale of the property.
Concord Shopping Center is anchored by Home Depot, along with Big Lots, Dollar Tree and Winn-Dixie. Winn-Dixie reported an 11% increase in sales at Concord for the year ending 2006, showing positive results from their recent restructuring. National tenants occupy 90 percent of the square footage at Concord Shopping Center and make up 75 percent of the income at the center.
Terranova was also involved the sale of Concord Shopping Plaza in 1999 for $20.8 million. The current sale represents a gain of nearly $30 million. "The significant gain in value can be attributed to the great increase in quantity and credit quality of income added by Terranova's leasing and management efforts," said Terranova Chairman Stephen Bittel. Terranova advised the seller at the time of the previous sale, and managed and has leased the property during the entire time of both owners investment.
"Concord Shopping Center is 100 percent leased, debt free, has strong tenant credit, a market occupancy of more than 99.5% and is located in a trade area with an enormous demand for retail space," Bittel said. "Together, these strengths provide long-term stability and impressive rental growth potential well into the future, on this classic infill location."
Terranova Corporation, South Florida's leading commercial real estate advisory firm, currently is involved with commercial real estate assets for its clients and its own portfolio, valued at over $1.5 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions dispositions, financing, construction management and development services.
FOR INFORMATION, CONTACT:
Karen LaFleur, Marketing/PR Manager
TERRANOVA CORPORATION
305-779-8908
