Terranova Corp. Closes $25.45 Million Sale of Parkhill Plaza Center

MIAMI BEACH, Fla., Sept. 27, 2011 /PRNewswire/ -- Terranova is pleased to announce the sale of Winn Dixie-anchored Parkhill Plaza Shopping Center, resulting in a $19.4 million profit for the seller, Flagler Retail Associates Ltd., an affiliate of Terranova.

The buyer, a subsidiary of Kimco Realty, bought the 112,424 square foot center at 9501 W. Flagler Street in Miami, FL, for $25.45 million, or $226.38 per square foot.

Flagler Retail President, Stephen Bittel, said they bought the shopping center in 2001 for $6.075 million. Terranova has managed and leased the property since then, increasing value with the addition of tenants such as Dollar Tree, JP Morgan Chase, Wendy's, Cici's Pizza, Supercuts, Aaron's Rental Furniture and FreshBerry Frozen Yogurt.  Anchored by Winn Dixie, the center is 98 percent occupied.  

"Parkhill Plaza is an example of Terranova's exceptional ability to add value to a retail property," said Bittel. "The center is in a great location at a great intersection. We added value every year of our ownership, generating investor returns over ten times the original levered investment."

Bittel and Ryan Grindler, of Terranova, teamed with CB Richard Ellis Vice Presidents Dennis Carson and Casey Rosen in representing the seller in the transaction.

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 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:
Ryan Grindler
305-695-8700

SOURCE Terranova Corporation