A huge property sale -- one of South Florida’s most expensive deals – is currently in the process of being completed. This is just another indicator that the state’s commercial real estate industry is soaring. The large property sale involves a portfolio of six buildings for more than $340 million.
Terranova Corp., which is based out of Miami Beach, and Acadia Realty Trust -- its investment partner -- are selling the retail properties located along a pedestrian promenade. They were initially bought in a couple of parcels in 2011 and 2012 for more than $190 million. If the transaction goes through, the sellers will realize a whopping $150 million-plus in profit, or profit of almost 80 percent, in a little more than three years’ time.