Miami Beach, Fla. – Two of the properties have already received Historic Preservation Board approval for expansions.
Morgan Stanley Real Estate Investing purchased Terranova Corp.’s portfolio of buildings on Lincoln Road in Miami Beach, Fla., for $342 million.Miami Beach, Fla. – Terranova Corp. has sold its six-building portfolio of Lincoln Road-area assets for $342 million. The properties were assembled over the past three-and-a-half years at a cost of $191 million. Morgan Stanley Real Estate Investing, along with affiliates of Terranova, purchased the property. Lincoln Road includes retailers such as Armani, H&M, Zara, John Varvatos, Zadig and Voltaire, Anthropologie, and Apple. Restaurants include Sushi Samba, Khong River House, Laduree, Meat Market, Sosta, and Havana 1957. As operating partner, Terranova will continue to be responsible for the management, leasing and further development of the properties.
— Scott Reid