Terranova Corp. and Acadia Realty Trust are about to set a Lincoln Road record by selling a six-property portfolio on the Miami Beach block for $342 million.
White Plains, N.Y.-based Acadia disclosed in its latest quarterly earnings conference call that it and Miami Beach-based Terranova have a deal in place to sell the portfolio to an undisclosed institutional investor. The companies assembled the parcels in two transactions totaling $191 million in February 2011 and December 2012. The sale would represent a $151 million – or 79 percent – profit, not including property carrying costs or income generated from the buildings.
Tenants at the properties include Dylan’s Candy Bar and Sushi Samba.
If the deal closes, it would be one of the most expensive commercial trades in South Florida history, according to the Miami Herald. The only commercial site to fetch a higher price was the $375 million sale of a 50 percent stake in Fontainebleau Miami Beach six years ago. [Miami Herald] — Eric Kalis