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Six commercial real estate buildings to be sold in South Florida

Serving Families Throughout Fort Walton Beach

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.

Acadia specializes in acquiring, re-developing and operating mixed-use urban properties as well as retail properties. The buyer is said to be an institutional investor who produced a preemptive proposal. The only property to sell for more in the Florida commercial real estate market was a share in Fontainebleau Miami Beach, with the stake purchased from the company Turnberry Associates at more than $370 million by a Dubai government unit.

Purchasing and selling commercial real estate properties can be a win-win for both parties. The buyer can potentially get a promising income property, while the seller might generate a profit that can be used for future real estate deals. Understanding related laws can help both sides to avoid the pitfalls that can cause a deal to quickly turn sour in Florida.

Source:, "Retail buildings on Miami Beach's Lincoln Road sell for record $342 million", Ina Paiva Cordle, Aug. 6, 2014

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