Terranova, Acadia acquire three buildings in $52 million deal
Miami Beach, Fla. -- Joint venture affiliates of Terranova Corp. and Acadia Realty Trust announced they have closed on the acquisition of three Lincoln Road properties in Miami Beach, Fla.
The approximately $52 million deal adds just over 61,000 sq. ft. to their urban street-front retail portfolios.
Current tenants at the properties include Starbucks, Geox Shoes, and Zagat-rated restaurants Sushi Samba Dromo and Tacontento. Terranova will manage and lease the Lincoln Road properties.
Lincoln Road is an eight-block open-air pedestrian mall featuring high-end restaurants, boutiques, and bars and entertainment.