Terranova Corp. and partner Acadia Realty Trust paid $139 million for three pieces of property along Miami Beach’s Lincoln Road.
The purchase is the highest price paid for Lincoln Road property in 2012, and at $2,300 per square foot, the sale clocks in higher than Vornado Realty Trust’s $132 million purchase of 1100 Lincoln Road in July.
The Miami Beach-based Terranova purchase includes properties at 801, 826, and 719 Lincoln Road.
The three properties are home to several tenants including Fossil, Steve Madden and Score.
Terranova and Acadia are the largest owner of retail property along Lincoln Road, encompassing about 120,000-square-foot of space.
Stephen Bittel, chairman of Terranova, told the Miami Herald that although the prices seem high, there is an enormous upside potential in the properties.
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