terranova corporation | 801 arthur godfrey road, suite 600, miami beach, fl 33140

pulsing with energy lincoln road provides an authentic experience where everyone gathers to shop, dine and people watch. be part of the world famous lincoln road, the epicenter of miami beach. terranova has an extensive portfolio on lincoln road, call us now for more details.

contact mindy mcilroy or isabelle courtial today!

Come Give the World’s most PoPular street a try!

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miami BeaCh Florida

feel the rythum

305.695.8700 | leasing@terranovacorp.com | WWW.terranovacorp.com

@terranovacorp

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Visit our Coral Gables location at 136 Miracle Mile, Coral Gables, FL 33134 • 305.967.8260

© 2014 BurgerFi International, LLC. BurgerFi® and the BurgerFi® logo are registered trademarks of Restaurant Development Group, LLC. All rights reserved.

REAL FOOD IS THE NEW TRENDTHEN WHY ARE SO MANY NOT IN STYLE?

156178 BF Terr CG Ad_fa.indd 1 6/16/14 4:54 PM

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cONTENTS

uRbAN VibRATiONSTargeted Spending is Shaking Up Sleepy Pompano Beach

bROwARD cOuNTySubuRbAN SHOPPiNG cENTER REPORT 2014

THE 305, 954, AND 561on Americas favorite food - PIZZA!

mEET THE TEAmA diverse group of talented and dedicated professionals

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8features

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Team - a group of people linked in a common purpose. (Wikipedia)

Team - a collection of people with a strong sense of mutual commitment creating synergy, generating performance greater than the sum of the performance of its individual members. (Wikipedia)

Team = Family. (Mindy McIlroy)

Seventeen years ago I began my career at Terranova and I am blessed to work with the most talented professionals in the industry - past and present. Without the guidance, support and the occasional push from my Terranova Family, I would not be in the leadership role that I occupy today. I wish everyone at Team Terranova could be on the cover of Trends, as it takes the effort of so many to keep us moving forward, but we don’t have enough space - so we will showcase the smiling faces of our talented and committed Leasing and Capital Markets Team.

Meet the Team, also known in my world as Our Family – enjoy!

Mindy McIlroy,Executive Vice President, Terranova Corporation

Welcome to our third edition of Terranova TRENDS

On ThE COVEr - from left to right: Andrea Molina, India Turkell, Karen Maerovitz, Michael nathanson, Mindy McIlroy, Elizabeth higgins, Stephen Bittel, Juan Franco, Isabelle Courtial, rebecca DeVille and Andrei Pintilie.

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ChairmanStephen H. Bittel

exeCutive viCe President / editor-in-ChiefMindy McIlroy

managing editorRebecca DeVille

researCh direCtorAlina Matas

graPhiC designerMichael Dorer

researCh assistantKesley De Miranda

Contributing writersAlina MatasKristin Clark

PublisherTerranova Corporation

advertisersBurgerFiChillN50 EggsNational Parkinson FoundationPerformance Bicycle

Terranova Corporation801 Arthur Godfrey Road, Suite 600Miami Beach, Florida 33140305.695.8700leasing@terranovacorp.com

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Meet the Team

stephen Bittel Bittel is the Chairman and Founder of Terranova Corporation, leading a team of professionals in the ownership and operation of a commercial real estate portfolio valued at nearly $1.0 billion. An alumnus of Bowdoin College and the University of Miami School of Law, Bittel founded Petroleum realty Investment Partners in 1999. A native of Miami, Bittel has served in numerous leadership roles, as member of Jewish Federation of north American Young Leadership Cabinet, Young Presidents Organization Miami, and World Presidents Organization Miami; as Director on the Boards of the Community Partnership for the homeless, Miami-Dade Expressway Authority, and Jackson Memorial hospital Foundation; and as Trustee member of the Greater Miami Chamber of Commerce, United Way of Miami-Dade, and Temple Beth Am. Bittel currently serves on the Boards of Teach for America Miami and Great Lakes Dredge and Dock, is an at-large member of the Democratic national Committee and board member and Vice Chairman of Development of the national Jewish Democratic Council. Bittel has written numerous articles on real estate matters and spoken at professional conferences throughout the U.S. and Europe being awarded South Florida Business Journal “Ultimate CEO” in 2005 and the Miami Dade Democratic Party Leader of the Year award in 2013. Bittel’s leadership, vision, energy and business acumen has made Terranova South Florida’s leading and most recognized independent real estate firm, which under his constant guidance and foresight continues to thrive.

terranova’s team brings together a diverse group of talented and dedicated professionals who offer a wide range of knowledge, experience and outlook toward the common goal of adding value to properties and their surrounding communities. they are:

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Mindy McIlroy Terranova’s Executive Vice President, McIlroy oversees leasing, marketing and new business development for the company’s diverse retail portfolio, and has led the company’s strategy through its foray into mixed-use and high Street retail. With a track record of nearly half a billion dollars in retail leasing deals, McIlroy’s expertise spans a wide gamut of retail properties, from suburban shopping centers to lifestyle entertainment centers to urban retail and mixed-use projects. Originally from upstate new York, McIlroy is now an entrenched Miami resident whose industry knowledge and experience services various community organizations. She is a founding member of the Lincoln road Property Owners Association; a member of the MIMO Association, which works to preserve the Miami historic District along the Biscayne Corridor; an executive board member of the Coral Gables Business Improvement District; and serves as retail advisory board member of the Kelley A. Bergstrom Center for real Estate Studies at University of Florida’s Warrington College of Business Administration. The Greater Miami Chamber of Commerce recognized McIlroy in 2013 for an innovative deal that brought Epicure Gourmet Market to Coral Gable’s newest mixed-use project. She has been ranked by CoStar as a Power Broker – Top Broker.

andrea Molina Molina is Terranova’s director of dispositions and acquisitions, a role to which she brings due diligence experience in the closing of over 60 retail properties, exceeding a transaction value of more than $1.4 billion. She brings to Terranova trained analytic skills that assist the company and its partners in realizing optimal value when buying, selling and financing real estate assets. Always striving for a win-win scenario, Molina knows well about balancing multiple needs, recently becoming the mother of twins and a 3-year-old toddler. Molina lives in Miami and is a graduate of Dartmouth College.

Isabelle Courtial Courtial is leasing director for high Street retail, focusing on the pursuit of cutting edge tenants to Lincoln road in Miami Beach and Miracle Mile in Coral Gables, South Florida’s premier urban retail streets. A consummate urbanite and a native of France, Courtial’s European background and early U.S. experience in Manhattan shape her outlook for bringing unique concepts to South Florida’s modern urban scene. With more than 10 years of experience in South Florida, Courtial is knowledgeable in Miami Beach’s gentrification history, including direct experience with the development, planning and zoning that has resulted in today’s buzzing scene.

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rebecca DeVille DeVille is Terranova’s marketing manager, in charge of overseeing the creation of an entire range of communication materials and their dissemination throughout multiple platforms, from billboards to the ever-evolving world of social media. A native of Miami, she brings to task first-hand experience with South Florida’s lifestyles and work experience in graphic design, advertising and retail real estate. DeVille is a graduate of University of Miami and holds a MBA degree from the University of Florida hough Graduate School of Business.

Juan franco In addition to his landlord representation work with a diverse set of suburban shopping centers, Franco is a leading player in the evolving mixed-use scene of Greater Downtown Miami, where he has brought urban lifestyle flair to Vizcayne, a showcase residential high rise project with retail space on the ground floor. Franco also has carved a niche in tenant representation, procuring the best locations for popular chains BurgerFi and Giardino Gourmet Salads and for up-and-coming brands Sakaya Kitchen and Blackbrick Chinese. A Miami native, Franco is an alumnus of Florida International University, and is fully bilingual in English and Spanish.

elizabeth Higgins A catalyst for getting things done, higgins facilitates the dynamics of marketing and leasing, deftly assisting with the myriad communications, production and pound-the-pavement activities that make for successful leasing deals. A relative newcomer to Miami from Orlando, Florida, higgins provides fresh energy, insight and energetic disposition to her role as leasing assistant, a position that has launched careers for more than one top real estate professional.

Karen Maerovitz Maerovitz is the face of Terranova in Jacksonville, Fla., where she leases one of Terranova’s most recent acquisitions, the sprawling Gateway Town Center, and contributes to the property’s revitalization thrust. With years of experience in marketing, including a previous marketing role for Terranova and the running of her own marketing business, Maerovitz brings to task well-honed business savvy and a sharpened ability to focus on a property’s salient strengths within the community it services. Closer to home, Maerovitz also leads the leasing effort in two mixed-use projects, Gables Ponce in the city of Coral Gables and Gables Aventura in the city of Aventura. A native of Miami with Israeli roots who speaks hebrew and Spanish, Maerovitz is a graduate of University of Miami and an all-around connoisseur of South Florida.

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MEET THE TEAM

Michael Nathanson nathanson is Terranova’s exclusive landlord rep for the company’s office portfolio, which includes traditional office buildings and mixed-use properties in growing urban markets. With intricate knowledge of South Florida’s business dynamics, nathanson keeps a focused eye on the realities of the new economy, indentifying and targeting growing sectors while maintaining competitiveness and bringing to fruition successful deals. nathanson is a graduate of University of Florida, and is a candidate for the Certified Commercial Investment Member (CCIM) designation.

andrei Pintilie Pintilie’s leasing assignments cover a diversity of properties that include traditional suburban shopping centers as well as special-use locations such as the Marlins Stadium in Miami and iconic, high profile centers, such as Cocowalk, South Florida’s first open-air, retail-entertainment destination. he is a member of the International Council of Shopping Center, and holds the organization’s Certified Leasing Specialist designation. Pintilie is a graduate of both Florida Atlantic University and Florida International University, where he has advanced his knowledge of the industry with degrees in business, finance and international real estate. Pintilie speaks English and Spanish as well as his native romanian.

India turkell With well-honed analytic and sales savvy, Turkell brings her skills as a commercial associate to the pursuit of unique tenants to Shadowwood Square, a leading power center in Boca raton, Florida and Glass, a rare ground floor space in the most exclusive Miami Beach building. As retailers increasingly gravitate toward dense urban centers, Turkell is charged with pursuing the emerging crop of lifestyle and convenience merchants that have come to characterize the suburban shopping center scene. Turkell is a graduate of University of Miami School of Law, is a member of the Florida Bar, and holds an MBA degree, also from University of Miami.

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URBANVIBRATIONS By Alina Matas

TargeTed Spending iS Shaking upSleepy pompano Beach

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ome mighT Say The ciTy of pompano Beach lackS an edge, a profile, a definiTion. Some mighT Say ThaT There iS no There There, aS wriTer gerTrude STein once famouSly wroTe aBouT her own

homeTown of oakland, calif. BuT ThaT’S aBouT To change.

ome mighT Say The ciTy of pompano Beach lackS an edge, a profile, a definiTion. Some mighT Say ThaT There iS no There There, aS wriTer gerTrude STein once famouSly wroTe aBouT her own

homeTown of oakland, calif. BuT ThaT’S aBouT To change.S

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City leaders have pumped more than $15 million in public investment over the past five years, aimed at ushering in Pompano Beach the modern urban lifestyle that is sweeping across much of the country. If it all comes to fruition as planned, this city of 100,000 people located between Fort Lauderdale to the south and Boca raton to the north, will rise from the shadows of all else that defines South Florida.

“I think Pompano Beach has found its identity,” says robin Bird, the city’s development services director. “We are a city in our right.”

Under this mantra, Pompano Beach’s old downtown is coming back to life as new facilities ignite cultural life and welcome a creative class. A spruced up Atlantic Boulevard, the city’s main east-west road, now leads to a renovated, pedestrian-friendly beachfront. And dirt is moving again as private developers pursue construction of new residences, stores and restaurants, including a new Whole Foods store, a 350-unit residential complex and second locations for two successful South Florida restaurateurs.

“Pompano Beach is an exciting market for us and we have been searching for a location for many years,” says Juan nuñez, Florida regional President for Whole Foods, which is building its first Pompano Beach store in a former Kmart space at 1200 n. Federal highway. “Our customers from this community

shop at our Fort Lauderdale store or our Boca raton store. Both of these stores are several miles away and our new location will be accessible with ample parking and great visibility, servicing the central east Broward beach communities.” Indeed, a big advantage for development in Pompano Beach, besides its beachfront and central location, is the neighboring communities that are part of its trade area. To be sure, Pompano’s household income and median home value -- $53,408 and $159,526 respectively – are average, compared to the state of Florida as a whole. (Florida has a median home value of $155,802 and average household income of $61,692.) But Pompano Beach has wealthier neighbors abutting its eastern edges. Lighthouse Point on the northeast border has 10,000 residents; hillsboro Beach, with 1,800 residents, is tucked in a sliver of sand east of Lighthouse Point; and Lauderdale by the Sea, with 6,300 residents, abuts Pompano’s southeast border. These three residential enclaves have average household incomes between $80,000 and $100,000, and median home values as high as $330,000.

This mixed trade area is part of what is prompting developer new Urban Communities to build a new 38,500 square foot retail center on the city’s 5.4-acre parking lot on A1A, between northeast Second and northeast Third streets. The project, slated to break ground in early 2015, will include three to five restaurants, some retail space, a city-built 500-space parking garage, and a garden area with a gazebo. Developers say they already have restaurant tenants lined up, but cannot announce them yet. “Pompano Beach has been crying for something like this,” says Tim hernandez, principal of new Urban Communities. “There’s great opportunity because

“There’s great opportunity because you’ve got a good location, capturing the north part of Fort Lauderdale and the affluent areas around it that will help support it.”

-Tim Hernandez, Principal of New Urban Communities

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you’ve got a good location, capturing the north part of Fort Lauderdale and the affluent areas around it that will help support it. And within half a mile there are over 4,000 condo residents who have no place to go eat without getting in their cars.” More residential development is on the way as well. Invesca Development Group recently broke ground on Koi residences and Marina, an $85 million, 350-unit residential development at 450 E. Atlantic Blvd. The complex will feature resort style amenities, three- and four-story waterfront villas, two high rise residential towers, live-work lofts and a roof top restaurant overlooking the 47-slip marina. And Cavache Properties has announced plans to build 21 three-story townhomes at the southwest corner of 14th Street and Ocean Drive. Called 14th & Ocean, the townhome project will feature four-bedroom units, two-car garages and open balconies, with preconstruction prices starting at $499,000. Much of Pompano Beach’s identity is tied to its beachfront, 2.5 miles east of the city’s downtown core at the intersection of Atlantic Boulevard and Dixie highway. Accordingly, the beachfront and the main traffic corridor leading to it have undergone a makeover.

A $3.3 million renovation of Atlantic Boulevard between A1A and Pompano Beach Boulevard was

completed March 2013, sprucing up the stretch with renovated façades, wider sidewalks and pristine landscape. A $12 million renovation of the beachfront, completed in 2013, included

the addition of a 17-foot promenade along the beach, green space now used for outdoor concerts and other events, widened sidewalks, wheelchair-friendly pathways to the sand, renovated restrooms and concession stand, and a children’s water play area. The existing 3,000 square foot library at 221 Pompano Beach Blvd., in the beach area, will relocate to a new 5,400 square foot building under construction near the intersection of nE Second Street and riverside Drive. Meanwhile, under a new comprehensive plan, the city is geared for mixed-use development with residential units on the various vacant lots it owns in the historic downtown area, about 2.5 miles west of the beach, just north of the intersection of Atlantic Boulevard and Dixie highway. Laying the foundation for that phase of the makeover, the city has poured money into cultural facilities and activities which in turn have enticed the first new retail and restaurant openings in the core downtown area. Throwback restaurant Group, owner of 32 East in Delray Beach, plans a new restaurant at northeast First Street and Flagler Ave. nearby, the 4,000 square foot 731 retail Shoppes, at 731 Martin Luther King Blvd., has been fully leased, including

“The city it is today is very different from what it is going to be. You will see a

renaissance above and beyond what we’ve seen in other places.”

-Alyona Ushe, Executive Director with Creative City Collaborative

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a second location for Betty’s Soul Food, a 35-year Fort Lauderdale fixture, BG’s Catering and norman’s Photoland. The 731 retail Shoppes is the first new retail development on MLK Boulevard in more than 50 years. Prospective new denizens in a revitalized downtown are already showing up at the reincarnated Bailey hotel at 51 nE First Street, which re-opened in April 2014 as Bailey Contemporary Arts, or BaCA, after a $1.2 million makeover. On Wednesday nights, as many as 50 artists show up for Lyrics Lab, an open-mike, open-stage, open-exhibit event where artists can bring and showcase their work. At the new BACA a film series runs on Friday nights, featuring cult movies and a discussion after the films. There is also a songwriter series and a sip-and-paint series, in which people bring a bottle of wine and get guidance from a painter on how to transform an empty canvas. The 1930s building has a refurbished façade and a new interior that harbors eight visual-arts studios (renting for $250 to $375 a month), an exhibition gallery, and space for art classes and workshops, including film and new digital media. “What I see in Pompano Beach is a cultural revolution,” says Alyona Ushe, executive director with Creative City

Collaborative, an organization that runs the popular Arts Garage culture venue in downtown Delray Beach, and which Pompano Beach has hired to run BaCA. “The city it is today is very different from what it is going to be. You will see a renaissance above and beyond what we’ve seen in other places.” Also headed for a reincarnation is the historic Ali Building at 353 Martin Luther King Jr. Blvd. The 1920s facility was once a boarding house for famous African American jazz musicians, including Louis Amstrong and Cab Calloway. When it reopens in fall 2014, the Ali Building will have 4,200 square feet of museum, educational and performance space, leased to a cultural arts group as office, gallery and performance space.

nearby, city leaders plan a new $17 million civic center next to City hall, to include a 40,000 square foot Cultural Arts Center on the SW corner of Atlantic Boulevard and Cypress road. The existing library at 1213 E. Atlantic Blvd. will relocate to this new facility, scheduled to break ground by year end 2014. A backdrop to the refurbished downtown facilities was the May 2013 re-launch of East Village Uncorked, a monthly evening event held on the first Friday at harbor Village Shoppes, a property a few blocks east

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of downtown at 2600-2800 E. Atlantic Boulevard, which underwent its own $1.6 million renovation. The monthly art walk, attended by more than 500 people who come in waves throughout the evening, features local artists displaying their work, along with specialty merchants, live music and free wine and food tastings from local restaurants.

“Pompano Beach is now a target for developers and new businesses looking for a progressive, modern city with hometown qualities like friendly people and a relaxed atmosphere,” says Kim Briesemeister, co-founder of redevelopment Management Associates, a private company that Pompano Beach hired four years ago to lead the city’s redevelopment. Briesemeister and company co-founder Chris Brown brought to Pompano Beach a revitalization expertise that includes Briesemeister’s work in West Palm Beach, among other cities, and Brown’s experience as former head of the Delray Beach community redevelopment agency. The consultants have spearheaded the renovation of the city’s appearance and infrastructure, and the revision of zoning laws to allow mixed-use and higher density in designated areas. The key to the future is connecting all of Pompano Beach’s parts from east to west, city leaders say.

Bird, the city’s development director, proudly shows a recently completed $450,000 urban design plan that

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focuses on connectivity between the city’s three main traffic corridors: Atlantic Boulevard, Dixie highway and Federal highway. The plan is to define each corridor’s identity by encouraging a cluster of uses, building on what already exists. Further, the goal is to enhance connectivity between the corridors and the rest of the city by building infrastructure geared to pedestrian, bicycle and public transit activity. “If your arterials are healthy, your heart is healthy,” Bird says. The city awaits with open arms Tri-rail’s planned development of a new railway linking South Florida’s downtowns, between Miami and Jupiter. The new service would run along existing tracks east of I-95. In Pompano Beach, a station for this new train service is slated to be built just north of the intersection of Atlantic Boulevard and Dixie highway. The new rail link is projected to be up and running in 2020, six years from now, according to Bonnie Arnold, public

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information officer for the South Florida regional Transportation Authority, which operates Tri-rail. The agency currently is negotiating access fees to the existing tracks with Florida East Coast railway, which owns the tracks. Pompano Beach Mayor Lamar P. Fisher, a fourth generation South Floridian, spends part of his time selling the new vision for Pompano. In the past, the city shied away from a development boom, as residents were reluctant to embrace higher density, Fisher says. But with the city’s cohesive blueprint for balance and connectivity, it has become an easier sell, all around. “We now have developers knocking on our door,” Fisher says. “That never happened before.”

As U.S. consumers become worldlier in taste and urban in style, the better-coffee craze carves a growing swath of the marketplace, in turn triggering coffee wars that have everyone, even Taco Bell, pandering to your need for caffeine.

Seattle-based Starbucks, which introduced the country to gourmet coffee along with the better coffee-break experience, maintains the lead. With some 13,000 U.S. Starbucks locations, does any other coffee shop chain have a chance at caffeine ubiquity?

The answer might be a resounding yes, if Dunkin’ Donuts continues on its warpath.

“Dunkin’ Donuts has the most loyal customer base in the country,” says Michael Koroghlian, a South Florida franchisee who owns 22 locations, including four in Pompano Beach. “We believe we have done so well because our guests enjoy our products and consider it a great value. The brand has done a great job of developing new food items for customers to try each month.”

Indeed, since parent company Dunkin’ Brands went public in 2011, its Dunkin’ Donuts division has reached nearly $540 million in annual sales and grown to over 7,500 locations in the U.S., where its comparable-store sales grew 3.4% in 2013. It is the dominant chain in some regions, such as the northeast (which includes Dunkin’ Brands’ hometown of Canton, Mass.). And the chain is now headed to the West Coast, entering Starbucks-dominated territory.

Its growth has taken place despite mounting health advice and consumer awareness to stay away from refined sugars, carbohydrates and fats, all of which abound in Dunkin’ Donuts’ namesake product.

But Dunkin’ Donuts has added healthy choices to its food menu, expanded its coffee choices with flavored coffees, lattes and cappuccinos, and is refurbishing existing restaurants to incorporate cushion seating and TVs in order to attract more customers during the daytime.

Koroghlian, a South Florida franchisee, said menu changes keep the brand competitive, while its coffee remains an all-time favorite, particularly its iced coffee. As far as his newest location, he found an ideal spot in Pompano Plaza, on the northwest corner of Federal highway and East Mcnab road.

“This specific area was lacking a local Dunkin’ in the neighborhood. The shopping plaza is always busy and once I was able to work with the landlord and the City to add a drive-thru it became a great fit,” Koroghlian says. “I own 22 stores from Fort Lauderdale to Boca raton. Pompano will now become my epicenter.”

Plenty of Holes to fillDunkin’ Donuts Brews rapiD Growth

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Davie/Weston showed the highest increase in average asking rent -- up 11.1% (see chart on next page). This submarket had begun recovering in 2012, and got a further boost over the past 12 months with the announcement that upscale grocer Whole Foods would join last year’s new-to-market retailer hobby Lobby in filling up a former Kmart space. In addition to filling up big-box space, the submarket’s strong demographics have helped sustain brisk leasing of inline space.

Oakland Park/north Fort Lauderdale had the second largest increase, 10.7%, which is noteworthy because it followed an increase of nearly 20% the year before, and has bumped this submarket to the no. 1 highest rent, unseating Dania/South Fort Lauderdale, which held the spot for years. Popular grocer Trader Joe’s is opening one of its two first Broward stores in this submarket, which benefits from a small inventory, including redeveloped properties along Federal highway and east of it, as well as the gentrifying area of Wilton Manors, west of Federal highway. Dania/South Fort Lauderdale, the unseated former no. 1 rent market, this year ranks as the second highest rent submarket, and shows an 8.4% increase from 2013. The vacancy rate in this small submarket increased, however, mostly due to the closing of a Publix store that relocated.

Lauderdale Lakes and Coral Springs/Margate show the third and fourth highest increases in asking rent, 10.3% and 9% respectively. helping to improve Coral Springs/Margate, a large suburban submarket, was noticeable

redevelopment and big-box activity, which has lowered overall vacancy, although it still remains in double-digit territory. In Lauderdale Lakes, average rent increased even as double-digit vacancy increased yet again in 2014. This submarket’s small inventory is dominated by a large property that is 30% vacant.

The Tamarac/Sunrise submarket also remains challenged with double-digit vacancy. Despite recent big-box activity, including a Fresh Market that took a former Borders Books & Music space, large boxes remain available, including a BJ’s Wholesale Club and a Walmart.

Pembroke Pines/Miramar continues to show improvement in occupancy. Its 3.3% dip in average rent in 2014 reflects lack of availability in its most pricey shopping center, whose very high asking rent had skewed last year’s average beyond the prevalent norm for this submarket.

Big-box activity was boosted by last year’s newcomer hobby Lobby, which added a second location in Broward by laying claim to a Stein Mart box that closed in Coral Springs. Also taking big-box spaces were President Supermarket and Monterrey Supermarket. The local underdog chains in the fiercely competitive grocery sector each took a new Broward location, in Tamarac and Margate, respectively. Anchor stalwarts TJ Maxx and ross Dress for Less each added one more Broward site as well, in So. Fort Lauderdale and Pompano

A verage asking rent in broward County’s shoPPing Centers inCreased 6.3% between 2013 and 2014, the third year in a row the County shows an inCrease in average rent, and the highest

jumP sinCe the uPward sloPe began in 2012. average asking net rent for inline sPaCe in broward County is $23.55 in 2014, ComPared to $22.15 in 2013. aCComPanying the inCrease was a droP in vaCanCy rate to 9.5%, ComPared to 10.4% in 2013. this is the first year sinCe 2008 that broward County’s vaCanCy diPs to single digits, with leasing aCtivity inCluding a seCond hobby lobby store and the entry of trader joe’s, with two forthComing broward loCations.

RETAil REPORT

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Beach respectively. ross Stores’ dd’s discount concept took a former Office Depot space in hallandale. Big-box fitness facilities Planet Fitness and YouFit health Clubs each absorbed an existing vacant box in Pembroke Pines, while LA Fitness will build a new facility in South Fort Lauderdale. Goodwill, which has been expanding in recent years, took a former Bealls Outlet space in Sunrise. (Details in Submarket Analysis section below.)

new-to-market tenantsBroward County’s new-to-market tenants in 2014 come from the coffee and snacks category. Sub Zero Ice Cream and Yogurt, a Utah-based chain, is opening a location in Parkland. The chain is tapping on a new trend of instantaneously freezing a freshly-made ice cream mix, by using liquid nitrogen instead of sticking the mix in a freezer. Sweetfrog Premium Frozen Yogurt, based in Virginia, opened in Sunrise. And new local venture rhino Doughnuts and Coffee, from a former Outback Steakhouse executive, opened a location in Oakland Park.

new ConstruCtionnew shopping center construction remains tepid, with few new centers of 50,000 square feet or more on the immediate horizon. Only one new center was completed over the past year – West Lakes Commons, a Publix-

anchored center of 80,000 square feet, which opened in hollywood. Walmart will anchor four proposed projects: riverbend Marketplace, a 310,000 sq. ft. center including Walmart Supercenter, is proposed in Plantation; Pine Island Marketplace, a 67,400 sq. ft. center anchored by a 40,000 sq. ft. Walmart neighborhood Market, is proposed in Davie; and a Walmart of 180,000 sq. ft. is proposed on the site of the former Millennium Mall in hallandale.

Two large mixed-use projects that had been long proposed but went dormant as the recession hit in 2008 are showing new signs of activity by pursuing preliminary approvals with their respective municipality. Metropica, approved for up to 485,000 square feet of retail, is proposed in the city of Sunrise, and 321 north, approved for more than 450,000 square feet of retail, is proposed in the city of Plantation. Both projects have long-term development horizons. neither has announced retail tenants or ground-breaking dates for its respective retail phase, as each project is first moving forward with its residential or office use component. College Crossings, a mixed-use project in Davie that has begun residential construction, is proposed to have up to 425,250 square feet of retail.

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finding balanCenew TenanTS open aS renTS dip SlighTly in

pemBroke pineS • miramar SuBmarkeT

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anChor moves:Planet Fitness replaced Dollar General in Palm Johnson Plaza, on the SEC of Johnson Street and Palm Ave.

Youfit health Clubs replaced Bally Total Fitness in Boulevard Square, on the SEC of Pines Blvd. and hiatus road.

Trader Joe’s will open in the former Cost Plus World Market space in Pembroke Crossing, on the SEC of Pines Blvd. and Flamingo road.

tenant moves: El Balcon de las Americas, I Love Tacos and Gideon Math and reading Center are opening in Westfork Plaza, on the nEC of Pines Blvd. and Dykes road, while navarro Discount Pharmacy closed in this center. Firehouse Subs opened in Paraiso Parc, also on the nEC of Pines Blvd. and Dykes road. IhOP will replace Sushi Café in Flamingo Falls Town Center, on the SEC of Sheridan Street and Flamingo road. Madrag replaced Party City in Pembroke Commons, on the SWC of University Drive

and Johnson Street. Power Pizzeria replaced Quizno’s in Fountains of Miramar, on the nEC of Dykes road and Miramar Pkwy. rock MMA, a fitness facility, opened in a former Bealls space in Flamingo Pines Plaza, on the SWC of Pines Blvd. and Flamingo road.

other vaCant boxes: Office Max (23,433 sq. ft.) in Boulevard Square, on the SEC of Pines Blvd. and hiatus road. Winn Dixie (51,282 sq. ft.) in Westfork Plaza, on the nWC of Pines Blvd. and Dykes road. Staples (20,000 sq. ft.) in Miramar Square, on the SEC of Miramar Parkway and Flamingo road.

demograPhiCs: This is the most populous submarket, with an estimated 2014 population of 294,573, projected to grow 8.8% over the next five years. The population is 44% hispanic and 29% African American. Median age is 37 and average household income is $74,860, higher than $72,666 in 2013. Its daytime population is 67,074. Population in this submarket grew 8% between 2010 and 2014.

the Pembroke Pines/miramar submarket was one of two submarkets to show a deCrease in average net rent, diPPing 3.3% to $23.96, ComPared to $24.78 a year before. however, vaCanCy also deCreased to 6.3%, ComPared to 7.8% a year before, as two big boxes were rePlaCed by fitness faCilities. further, the PoPular trader joe’s Chain is slated to enter this submarket, absorbing an emPty junior box. however, three big boxes remain vaCant, and turnover inCluded the Closing of navarro disCount PharmaCy in a junior box.

RETAil REPORT

30 TERRANOVA

Zero sumrelocaTed puBlix anchorS new cenTer in

hollywood • hallandale SuBmarkeT

TRENDS 31

ComPleted:West Lakes Commons, an 80,000 sq. ft. project anchored by Publix, was completed on the SEC of Sheridan Street and Federal highway.

ProPosed redeveloPment:A Walmart of 180,000 sq. ft. is proposed on the site of the former Millenium Mall, a long-vacant property on the SEC of hollywood Blvd. and U.S. 441.

anChor moves:dd’s discount will open in a former Office Depot in hallandale Shopping Center, on the SWC of hallandale Beach Blvd. and SW 10th Terrace.

tenant moves:Chicken Kitchen, Subway and Bank Atlantic closed in Seawalk Pointe Shopping Center, on the nEC of hallandale Beach Blvd. and Three Islands Blvd.

demograPhiCs: This submarket has an estimated 2014 population of 178,144 and is projected to grow 6% over the next five years. The population is 33% hispanic and 27% African American. Median age is 42 and average household in-come is $53,151, slightly higher than $51,138 in 2013. Its daytime population is 65,101. Population in this submar-ket grew 4.7% between 2010 and 2014.

a new Publix-anChored Center was ComPleted in this eastern submarket, whiCh is the smallest in terms of total square foot inventory. vaCanCy remained virtually flat at 4.8%, ComPared to 4.3% a year before, while rent nudged uPward 1.5% to nearly $24, ComPared to $23.60 a year before. dd’s disCount absorbed an emPty offiCe dePot box, while the long-vaCant millenium mall is now slated for redeveloPment into a walmart.

32 TERRANOVA

Call it a ComebaCknew whole foodS, higher renTS

and lower vacancy prop updavie • weSTon SuBmarkeT

TRENDS 33

RETAil REPORT

ProPosed redeveloPment:Pine Island Marketplace, a 67,400 sq. ft. center anchored by a 40,000 sq. ft. Walmart neighborhood Market, is proposed on the SWC of Stirling road and Pine Island road.

College Crossings, a mixed-use project approved to have up to 425,250 sq. ft. of retail, is proposed on the SWC of I-595 and the Florida Turnpike, in Davie. no plans or projected dates have been announced for the retail phase of the project.

anChor moves:hobby Lobby and Whole Foods will open in a former Kmart in Town & Country, on the SWC of I-595 and University Drive.

Staples closed in Westgate Square, on the SEC of I-75 and Weston road.

other tenant moves: Duffy’s will replace East City Grill and Burger Zone replaced Stop Burgers in Weston Town Center (Arvida

Parkway and Bonaventure Blvd.), which also added 100 Montaditos. Crossfit opened in Cooper City Plaza, on the SEC of Griffin road and SW 100th Ave. Tilly’s Clothing replaced PacSun in Tower Shops, on the SEC of University Drive and I-595. Orangetheory Fitness will open in Countryside Shops, on the nEC of Flamingo road and Stirling road. PnC Bank opened in an outparcel in Cooper City Commons, on the nWC of Sheridan Street and Pine Island road. Verizon replaced Blockbuster in Coquina. Palato Gelato will open in Coquina Plaza, on the nEC of Sheridan Street and Dykes road. Tijuana Flats opened, while Chicken Kitchen and YoBlendz closed in Country Isles Plaza, on the nEC of

Weston road and Indian Trace. Crossfit Siege will open in Publix at Laguna Isle, on the nEC of Sheridan Street and 195th Ave. hoops Bar and Grill opened in Davie Shopping Center, on the SWC of Griffin road and University Drive. Massage Envy closed in Embassy Lakes Shopping Center, on the nEC of Sheridan Street and hiatus road. The Amigos Meats will replace Mathnasium in Indian Trace Center, on the nEC of Indian Trace and SW 160th Street. This center also added ice cream chain Uncle Louie G. AIO Wireless opened in Paradise Promenade, on the nWC of Stirling road and SW 58th Ave. Brickfit Fitness opened in Pine Lake Plaza, on the SWC of Griffin road and SW 100th Ave. Carvel Ice Cream and Sweet Therapy Cupcake opened in The Shops at Stirling Place, on Stirling road and SW 70th Ave. Ice Cream Club and Alex’s Bicycle Pro Shop opened, while Color Me Mine closed in The Plaza (SWC of I-595 and hiatus road), relocating to a former Kumon Learning Center space in Shenandoah Square, on the SWC of I-595/State road 84 and SW 136th Ave. Shenandoah Square also added Amscot. Avanti Furniture will open, while Vocelli Pizza closed in Shoppes on the Green, at the intersection of Weston road and Blatt Blvd.

other vaCant boxes: Winn Dixie (36,320 sq. ft.) at Westgate Square, on the SE corner of Sr 84 and Weston road. Former West Broward Young at Art Center (60,312 sq. ft.) in The Plaza, on the SWC of I-595 and hiatus road.

demograPhiCs: This submarket has an estimated 2014 population of 224,996 and is projected to grow 7.6% over the next five years. The population is 38% hispanic and 7% African American. Median age is 38 and average household income in 2014 is $93,749, higher than $92,194 in 2013. Daytime population is 67,602. Population in this submarket grew 6.6% between 2010 and 2014.

oCCuPanCy and average rent Continued to imProve in davie/weston, a submarket that showed the highest rent inCrease from 2013, going uP 11.1% to $28.65, the third highest average rent in the County in 2014 (behind oakland Park/no. fort lauderdale and dania/so. fort lauderdale). in addition to its attraCtive demograPhiCs, this submarket got a boost over the Past 12 months with new-to-market retailer – hobby lobby – as well as uPsCale groCer whole foods, both retailers slated to oPen adjoining stores in a former kmart sPaCe. a new walmart-anChored shoPPing Center is ProPosed, while several PoPular workout Chains have staked new loCations. desPite the Closing of a staPles store, submarket vaCanCy droPPed to 6.6%, from the Previous year’s 7.9%.

34 TERRANOVA

making roomTwo Big BoxeS elBow for Space in The dania • So. forT lauderdale SuBmarkeT

TRENDS 35

anChor moves:TJMaxx is opening in harbor Shops, on Cordova road south of 17th Street Causeway, in a consolidated space next to Publix.

LA Fitness will open in a new outparcel building, also in harbor Shops.

Publix closed in Sheridan Square, on the nWC of Sheridan Street and SE 5th Ave., and relocated across the street, as anchor of the new West Lake Commons on the SEC of Sheridan Street and Federal hwy. (which falls in the hollywood/hallandale submarket).

other tenant moves: BurgerFi and yoga studio Green Monkey opened in Southport Shopping Center. Banfield Pet hospital will open in West Lake Commons, on the SEC of Sheridan Street and Federal highway.

demograPhiCs: This submarket has an estimated 2014 population of 118,087 and is projected to grow 5.7% over the next five years. The population is 21% African American and 18% hispanic. This submarket showed a decrease in average household income, estimated in 2014 at $69,864, lower than $71,641 in 2013. Median age is 42. Daytime population is 113,751. Population in this submarket grew 4.4% between 2010 and 2014.

after many years as no. 1 in terms of asking rent, this submarket was bumPed to no. 2 in 2014, unseated by oakland Park/no. fort lauderdale. it is still a strong submarket with a small inventory that inCludes high oCCuPanCy ProPerties in strategiC loCations within the small geograPhiC area of the submarket. an inCrease in vaCanCy rate to 6%, from the Previous year’s 3.9%, is largely due to the Closing of a Publix store, whiCh reloCated to a newly built Center aCross the street. two big-box retailers found sPaCe for new loCations in this submarket by Consolidating inline sPaCe and building a new outParCel. average asking rent is uP 8.4% to $29.40, ComPared to $27.12 a year before.

36 TERRANOVA

on the reboundnew Big BoxeS energize

coral SpringS • margaTe SuBmarkeT

TRENDS 37

RETAil REPORT

redeveloPment:Plaza at Coral Springs II, on the nWC of Atlantic Blvd. and riverside Drive, continues redevelopment into a BJ’s Wholesale Club and a Dick’s Sporting Goods.

anChor moves:hobby Lobby will replace Stein Mart in royal Eagle Plaza, on the SEC of Wiles road and University Drive.

Stein Mart will relocate to Atlantic Crossing, on the nWC of Atlantic Blvd. and University Drive, where it will replace Office Max.

Monterrey Supermarket replaced Winn Dixie in Towne Shoppes of Margate, on U.S. 441 one block north of Copans road.

tenant moves: Crossfit Ambush opened in Cypress run Markeplace, on the nEC of Atlantic Blvd. and Coral Springs Drive. AIO Wireless opened in a former space in Palm Lakes Plaza, on the SWC of Atlantic Blvd. and rock Island road. Einstein Bros. Bagels and Char hut will open, while

Menchie’s, hair Cuttery and Dryclean USA closed in Coral Landings II, on the SWC of Sample road and nW 62nd Ave. Dunkin Donuts opened in Peppertree Plaza, on the SEC of Sample road and U.S. 441. 9round Fitness, Starbucks, Tijuana Flats and Pita Pit opened in Coral Landings III, on the SEC of Sample road and nW 62nd Ave. Frenchie’s Bicycles replaced rent-A-Center in Towne Shoppes of Margate, on U.S. 441 north of Copans road. Sylvan Learning Center opened in Coral Palm Plaza, in a former UPS Store space. AT&T replaced Blockbuster Video at Lakeview Shopping Center (SWC of Coral ridge Drive and Lakeview Drive), which also added Orangetheory Fitness and GnC. Coral Springs Taphouse opened in ramblewood Square (nEC of University Drive and ramblewood Drive), which also added Sally Beauty Supply and VaporBurst. Sally Beauty Supply also will open in royal Eagle Plaza (SEC of Wiles road and University Drive), which also added Taco Bell in an outparcel. Subzero Ice Cream and Yogurt will open in Parkland Commons, at the intersection of University Drive and Trail End. CrossFit hardcore opened in riverstone Shoppes at Parkland, on the west side of U.S. 441 north of hillsboro Blvd. AIO Wireless and Grateful J’s Vapor Plus opened in Brookside Square, on the nWC of Wiles road and Coral Springs Drive. Giraffas Brazilian Kitchen & Grill replaced CG Burgers in Turtle Crossing, on the SWC of Wiles road and U.S. 1.

other vaCant boxes: Bassett Furniture (15,000 sq. ft.) in riverstone Shoppes at Parkland, on U.S. 441, north of hillsboro Blvd. Portion of Kmart (39,500 sq. ft.) in royal Eagle Plaza, on the SEC of Wiles road and University Drive.

demograPhiCs: This submarket, which also includes the city of Coconut Creek, is the second most populous submarket, with an estimated 2014 population of 255,519, projected to grow 6.8% percent over the next five years. This submarket’s population is 24% hispanic and 17% African American, with a median age of 40 and an average household income of $77,737, higher than $75,673 in 2013. Daytime population is 69,838. Population in this submarket grew 5.6% between 2010 and 2014.

oCCuPanCy and rent have Continued to imProve in this submarket, whose large inventory has been PartiCularly Challenged sinCe the 2008 reCession. over the Past 12 months, however, vaCanCy droPPed to 11.2% from 12.3% – the seCond year in a row vaCanCy in this submarket sloPes downward – while average asking rent inCreased 9% to nearly $21. boosting oCCuPanCy were the absorPtion of a vaCant winn dixie box, and the filling of several inline sPaCes by PoPular fitness faCilities. further, a reloCated stein mart store was soon sPoken for by new-to-market retailer hobby lobby.

38 TERRANOVA

Primed for moreSTeady improvemenT aTTracTS

new developmenT in TheplanTaTion SuBmarkeT

TRENDS 39

RETAil REPORT

ProPosed ProjeCts: riverbend Marketplace, a 310,000 sq. ft. project anchored by a 186,000 sq. ft. Walmart Supercenter, is proposed on a 36-acre site on the SWC of Broward Blvd. and I-95.

redeveloPments, additions, renovations:321 north, a redevelopment of the former Fashion Mall at Plantation into a mixed-use project, has been revived, with the developer pursuing preliminary approvals for its master site plan. The proposed project, at 321 n. University Drive, is approved for more than 450,000 square feet of retail. no prospective tenants have been announced.

anChor moves:LA Fitness is under construction on a former Office Max site in the renamed Market on University, on the nWC of University Drive and Peters road.

other tenant moves: MDnow Urgent Care replaced Blockbuster in Plantation Marketplace, on the nWC of Broward Blvd. and nW

70th Ave. Golden Krust will replace Subrageous Subs in Sawgrass Square, on the SWC of Sunrise Blvd. and Flamingo road. other vaCant boxes: Former call center (18,389 sq. ft.) at Plantation Marketplace on the nW corner of Broward Blvd. and nW 70th Avenue. Former General Cinema (63,073 sq. ft.) at The Fountains, 801 S. University Drive.

demograPhiCs: This submarket has an estimated 2014 population of 135,793 and is projected to grow 5.8% over the next five years. The population is 30% African American and 25% hispanic. Median age is 39 and average household income is $71,745, higher than $69,661 in 2013. Daytime population is 54,728. Population in this submarket grew 4.7% between 2010 and 2014.

oCCuPanCy Continued to imProve in the Plantation submarket, with vaCanCy rate droPPing to 10.5%, ComPared to 12.6% a year before. average asking rent of $25.03 in 2014 is a nominal droP from $25.24 in 2013, but the slight droP refleCts oCCuPanCy of the better sPaCes, whiCh are the ones that Command the highest rent. in other words, in this submarket’s small inventory, many of the sPaCes Currently available aren’t the toP-PriCed ones. rent has stabiliZed around the $25 mark, as vaCanCy Continues to droP. one new walmart-anChored ProjeCt is ProPosed in this submarket.

40 TERRANOVA

a few strong CentersreTail STrengTh iS SpoTTy in The Small

lauderdale lakeS SuBmarkeT

TRENDS 41

RETAil REPORT

tenant moves:Tropical Smoothie Café will replace Yuzu Frozen Yogurt in Cypress Creek Station, on the nWC of Cypress Creek road and Andrews Ave. Youfit health Clubs and Broward health Center will open in Lauderdale Marketplace, on the SEC of Oakland Park Blvd. and U.S. 441.

vaCant boxes: Former Dance hall (14,000 sq. ft.) at Lauderdale Marketplace, on the SEC of Oakland Park Blvd. and US 441.

demograPhiCs: This submarket has an estimated 2014 population of 105,154 and is projected to grow 4.9% over the next five years. The population is 62% African American and 11% hispanic. Median age is 40 and average household income, the lowest of all submarkets, is $44,915, higher than $43,969 in 2013. Daytime population is 67,267. Population in this submarket grew 3.6% between 2010 and 2014.

this submarket has the seCond highest vaCanCy rate (behind tamaraC / sunrise), due to having a small inventory, whose largest ProPerty has amPle vaCanCy. nonetheless, average asking rent inCreased 10.3% to $17.59. the inCrease refleCts that its best-loCated Centers have inCreased asking rents for some of their sPaCes, but no big-box retailers have announCed new stores, and this small submarket’s inline oCCuPanCy is still Challenged.

Total Inventory (sq. ft.)

Number of Centers

Avg. Asking Rent 2014

Vacancy 2014 Submarket Population Avg. HH Income

1,985,992 16 $29.67 7.4% oakland Park / no. fort lauderdale 104,941 $69,185

2,800,563 15 $29.40 6.0% dania / so. fort lauderdale 118,087 $69,864

4,500,178 33 $28.65 6.6% davie / weston 224,996 $93,749

2,189,040 16 $25.03 10.5% Plantation 135,793 $71,745

1,891,759 16 $23.96 4.8% hollywood / hallandale 178,144 $53,151

6,552,226 40 $23.96 6.3% Pembroke Pines / miramar 294,573 $74,860

2,926,351 24 $22.38 8.0% PomPano beaCh / deerfield beaCh 188,186 $57,259

6,799,746 51 $20.98 11.2% Coral sPrings / margate 255,519 $77,737

5,466,508 47 $17.63 17.0% tamaraC / sunrise 235,843 $53,819

2,214,146 12 $17.59 13.9% lauderdale lakes 105,154 $44,915

37,326,509 270 $23.55 9.5% broward County 1,841,236 $67,514

42 TERRANOVA

gravitational Pull

this area Continues to have the highest vaCanCy rate of any submarket, as several big boxes remain vaCant, inCluding a walmart and a bj’s wholesale Club. Centers on the western end of the submarket, in the viCinity of sawgrass mills mall, remain the strongest, and it is in this area where uPsCale groCery store fresh market took a new loCation, in a former borders books & musiC sPaCe. four other boxes were absorbed or Partially absorbed over the Past 12 months, but one gym box beCame newly vaCant, while many Centers still show amPle inline and junior box availability. average asking rent inCreased 4.4% to $17.63, even as vaCanCy inChed uP to 17%, from 16.4% a year before.

mall-Spurred viTaliTydrawS acTiviTy To weST end of

Tamarac • SunriSe SuBmarkeT

mall-Spurred viTaliTydrawS acTiviTy To weST end of

Tamarac • SunriSe SuBmarkeT

TRENDS 43

RETAil REPORT

ProPosed redeveloPment:Metropica, a mixed-use project approved for up to 485,000 square feet of retail space, 2,800 residential units and 785,000 square feet of office space, has been revived. Its developer is pursuing the rezoning of the 50-acre site on the nEC of Sunrise Blvd. and Panther Parkway. Groundbreaking of the first phase of the project, which will be residential, is projected for early 2015.

Sawgrass Mills Mall plans to add 82,000 square feet of retail to the 2.4 million square foot mall on the nWC of W. Sunrise Blvd. and n. Flamingo road in Sunrise.

anChor moves:Fresh Market will open in a former Borders Books & Music next to Petsmart Plaza, on the nEC of Sunrise Blvd. and Flamingo road.

Presidente Supermarket will replace 99 Cent Stuff in Babies r’ Us Plaza, on the SEC of Commercial Blvd. and University Drive.

Goodwill replaced Bealls Outlet and Bases Loaded replaced rag Shop in Village Shoppes at Pine Plaza, on the SEC of Pine Island road and nW 44th Street.

Walmart neighborhood Market is under construction on the site of the former Baby Love in Tamarac Square West, on the nWC of Mcnab road and Pine Island road.

Sunrise Fitness closed in Gold’s Plaza, on the SWC of Pine Island road & Springtree Drive.

Planet Fitness will take a portion of the former Big Lots in Tidan Plaza, on the nEC of University Drive and nW 57th Street in Tamarac.

other tenant moves: Zoo health Club replaced hollywood Video and rent-A-Center replaced hearX in Babies r’ Us Plaza, on the SEC of Commercial Blvd. and University Drive. CrossFit replaced MMA Training Center in Promenade at Inverrary, on the nEC of University Drive and nW 44th Street. Subway replaced Coffee Corner in Tamarac Square West, on the nWC of Mcnab road and Pine Island road. Jimmy John’s replaced T-Mobile and Sears Appliance closed in Commercial Boulevard Shoppes,

on the SWC of Commercial Blvd. and University Drive. Boost Mobile opened in Cypress Lakes Town Center, on the nWC of U.S. 441 and Champions Blvd. Bank United and GetMed will replace Blockbuster Video in Midway Plaza, on the nWC of University Drive and nW 57th Street. rainbow and Payless Shoesource closed in north Lauderdale Market Center, on the SWC of Mcnab road and rock Island road that lost its Walmart anchor the previous year. Bru’s room opened and AT&T closed in Sunrise West, on the SEC of Commercial Blvd. and 94th Ave. Top It Off Yogurt will replace h&r Block in Tamarac Town Square, on the SWC of Southgate Blvd. and Pine Island road, and Sweetfrog Premium Frozen Yogurt replaced Great Florida Bank in nob hill Plaza, on the nWC of Sunset Strip and nob hill road. Yonuts Yogurt and UbreakIfix opened in Sawgrass Gateway Center, on the nWC of I-595 and nW 136th Ave. Party City closed in Petsmart Plaza, on the nEC of Sunrise Blvd. and Flamingo road. AIO Wireless and Subway opened in an outparcel in Shoppes of Inverrary on the nWC of Oakland Park Boulevard & rock Island road. rhino Doughnuts and Coffee opened in Park north Plaza, on the nWC of Oakland Park Blvd. and University Drive. Brothers Farmers Market will open in Shoppes at Sawgrass, on the nWC of Oakland Park Boulevard & hiatus road.

vaCant boxes: BJ’s Wholesale Club (104,114 sq. ft.) on the nWC of Oakland Park Blvd. and University Drive. Walmart (126,946 sq. ft.) at north Lauderdale Market Center, on the SWC of Mcnab and rock Island road. Big Lots (30,000 sq. ft.) in Tidan Plaza, on the nEC of University Drive and nW 57th Street. Staples (20,790 sq. ft.) in Jacaranda Square, on the nEC of Oakland Park Blvd. and University Drive.

demograPhiCs: This submarket has an estimated 2014 population of 235,843 and is projected to grow 5.8% over the next five years. The population is 42% African American and 23% hispanic. Median age is 39 and average household income in 2014 is $53,819, higher than $51,107 in 2013. Daytime population is 69,228. Population in this submarket grew 4.6% between 2010 and 2014.

44 TERRANOVA 44 TERRANOVA

staking groundThree new anchorS drawn To

pompano Beach • deerfield Beach SuBmarkeT

TRENDS 45TRENDS 45

redeveloPments/additions/renovations:hobby Lobby and Petco will open in a new retail building to be constructed in the Super Target shopping center, on the nEC of hillsboro Blvd. and Powerline road.

anChor moves:ross Dress for Less will replace Staples in Pompano Marketplace, at 1245 S. Federal highway.

Walmart neighborhood Market opened a 51,000 sq. ft. store, replacing Winn Dixie in Palm Trail Plaza, on the SWC of SW 10th Street and Military Trail in Deerfield Beach.

Walmart Supercenter opened a 93,000 sq. ft. store on the nWC of n. Federal highway and nE 49th Street in Pompano Beach, relocating the one it closed at 300 W. Copans road.

Whole Foods and Sports Authority will replace Big Kmart at the Muvico Center, on the nWC of Copans road and Federal highway.

Petco replaced Party City in Venetian Isle shopping center, on the nEC of Sample road and Federal highway.

other tenant moves: Ulta Beauty and First Watch Café opened in Deerfield Mall, on the SWC of hillsboro Blvd. and Powerline road. Dunkin’ Donuts will open in an endcap space with a new drive-thru in Pompano Plaza, on the nWC of S. Federal hwy. and E. Mcnab road. Famous Footwear opened in Pompano Marketplace, at 1245 S. Federal highway. Five Guys Burger and Fries and European Wax Center will open in hillsboro Square, on the SEC of Federal highway and hillsboro Blvd. PDQ built a new restaurant on an outparcel in the Muvico Center, on the nWC of Copans road and Federal highway. Legends Tavern & Grill will replace Blockbuster Video in Sawgrass Promenade, on the SWC of Military Trail and Meadow Lakes road.

vaCant boxes: Bealls Outlet (21,000 sq. ft.) in Atlantic Square, on the SEC of Atlantic Blvd. and SE 25th Drive.

demograPhiCs: This submarket has an estimated 2014 population of 188,186, and is projected to grow 4.9% in the next five years. The population is 25% African American and 17% hispanic. Median age is 44 and average household income is $57,259, slightly lower than $57,270 in 2013, and one of only two submarkets to show a decrease in income. Daytime population is 98,395. Population in this submarket grew 3.7% between 2010 and 2014.

average asking rent inCreased nearly 7% in this eastern submarket, aCComPanying an inCrease in oCCuPanCy that inCluded the absorPtion of two emPty big boxes. ross dress for less took a former staPles sPaCe, and walmart ComPleted two new stores, one of them in a former winn dixie. meanwhile, work is ongoing in a former kmart sPaCe for its transformation into a whole foods and sPorts authority, while hobby lobby and PetCo will oCCuPy a new retail building in an existing shoPPing Center. all told, vaCanCy deCreased to 8%, ComPared to nearly 10% a year before.

RETAil REPORT

the new no. 1the new no. 1a BrighT and Shiny new

oakland park • no. forT lauderdale SuBmarkeT

SURVEY PARAMETERSThis is the 9th annual Broward County report on shopping centers, based on a two-phase survey of centers of 50,000 square feet or more, excluding regional enclosed malls and lifestyle centers. The phone and field survey were completed in May 2014. Average rental rates are weighed asking net rates on available inline space only. Total inventory includes the gross leaseable area on the ground floor only.

ProPosed redeveloPment:1600 Shoppes is proposed at 1590 n. Federal highway, on the site of an existing Office Depot store. The proposed project would demolish and relocate the Office Depot building, to make way on the site for a new building, reportedly to be occupied by Trader Joe’s, and an outparcel. The Trader Joe’s store is projected for 2015.

anChor moves:Crunch Fitness opened in a portion of a former Winn Dixie in Savealot Festival Plaza, aka Oakland Park Festival Plaza, on the nEC of Andrews Ave. and nE 33rd Street.

Walmart has staked a Kmart site on the SEC of Oakland Park Blvd. and nE Sixth Street.

other tenant moves: CVS Pharmacy closed in Sunrise Shopping Center, on the nEC of Sunrise Blvd. and nE 25th Ave., after relocating to a former Borders Books & Music space at 2240 E. Sunrise Blvd. regions Bank closed and GBS Beauty Store will replace Blockbuster Video in regions

Bank Plaza, on the nEC of Federal highway and nE 19th Street. hibbett Sports closed in Savealot Festival Plaza, on the nEC of Andrews Ave. and nE 33rd Street.

other vaCant boxes: Portion of Winn Dixie (20,000 sq. ft.) at Savealot Festival Plaza, on the nEC of Andrews Ave. and nE 33rd Street. Portion of former Winn Dixie (31,000 sq. ft.) at Shoppes at 18th and Commercial, on the nW corner of Commercial Blvd. and nE 18th Ave.

demograPhiCs: This submarket has an estimated 2014 population of 104,941, projected to increase 4.9% over the next five years. The population is 21% African American and 17% hispanic. Median age is 46. Average household income of $69,185 is higher than $67,093 in 2013. Daytime population is 53,487. Population in this submarket increased 3.6% between 2010 and 2014.

this small northeastern PoCket of broward County, whiCh inCludes the gentrifying City of wilton manors, shows the highest average asking rent of all submarkets in 2014, surPassing the dania/so. fort lauderdale submarket to the south. its small inventory has steadily gotten stronger with renovations and new tenants, taking advantage of loCations along the CommerCial Corridors that traverse it, inCluding u.s. 1 and CommerCial blvd. the PoPular trader joe’s Chain is slated to oPen a store in this submarket, and walmart has bought the site of an oPerating kmart store.

RETAil REPORT

48 TERRANOVA

terranova corporation | 801 arthur godfrey road, suite 600, miami beach, fl 33140 | 305.695.8700 | leasing@terranovacorp.com | WWW.terranovacorp.com | @terranovacorp

MIAMI BEACH, FL

COCONUT GROVE, FL

MIAMI, FL

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AVENTURA, FL TENANT REPRESENTATION

TERRANOVA LEASING CONTACTS

JACKSONVILLE, FL

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MIAMI LAKES, FLCORAL GABLES, FLSOUTH BEACH, FL

CORAL GABLES, FL

POMPANO BEACH, FL CORAL GABLES, FL

MIAMI, FL

DOWNTOWN MIAMI, FL

PRIME RETAIL DESTINATIONS WITH TERRANOVA

mindy mcilroy 305.779.8970mmcilroy@terranovacorp.com

isabelle courtial 305.779.8936isabelle@terranovacorp.com

Juan franco 305.779.8938 jfranco@terranovacorp.com

andrei pintilie 305.779.8903apintile@terranovacorp.com

india turKell 305.779.8908iturkell@terranovacorp.com

Karen maerovitZ 305.779.8907kmaerovitz@terranovacorp.com

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terranova corporation | 801 arthur godfrey road, suite 600, miami beach, fl 33140 | 305.695.8700 | leasing@terranovacorp.com | WWW.terranovacorp.com | @terranovacorp

MIAMI BEACH, FL

COCONUT GROVE, FL

MIAMI, FL

BOCA RATON, FL

AVENTURA, FL TENANT REPRESENTATION

TERRANOVA LEASING CONTACTS

JACKSONVILLE, FL

PINECREST, FL

MIAMI LAKES, FLCORAL GABLES, FLSOUTH BEACH, FL

CORAL GABLES, FL

POMPANO BEACH, FL CORAL GABLES, FL

MIAMI, FL

DOWNTOWN MIAMI, FL

PRIME RETAIL DESTINATIONS WITH TERRANOVA

mindy mcilroy 305.779.8970mmcilroy@terranovacorp.com

isabelle courtial 305.779.8936isabelle@terranovacorp.com

Juan franco 305.779.8938 jfranco@terranovacorp.com

andrei pintilie 305.779.8903apintile@terranovacorp.com

india turKell 305.779.8908iturkell@terranovacorp.com

Karen maerovitZ 305.779.8907kmaerovitz@terranovacorp.com

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tHe 305954 And 561on americas favorite food-PiZZa!By Kristin Clark

izza - a Simple concepT when you Think aBouT iT: dough, Sauce, cheeSe and mayBe a few ToppingS if you’re feeling advenTurouS. an iTalian claSSic ThaT haS Turned inTo

an american STaple, conSidering 1 in 8 u.S. reSidenTS conSume a Slice of ThiS cheeSy deliciouSneSS on a daily BaSiS. populariTy of Such magniTude haS Spurred The pizza induSTry To redefine iTSelf and evolve inTo much more Then Three BaSic componenTS.

P

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on americas favorite food-PiZZa!

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AndiAmo: Loyal to traditional pizza parlor making based in the north Eastern U.S., Andiamo’s serves up dough handmade, along with fresh toppings brought on-site and prepared daily. In additional to quality ingredients and a menu of over 25 selected pizza combinations (not including ‘build your own’ options), the dining experience at Andiamo’s is unlike any other. Located in the MIMO district of Miami, the restaurant is a historic landmark renovated from a 1954 robert Law Weed building. Patrons can be seated on the outdoor patio with picnic tables or enclosed indoors by floor to ceiling glass walls. [bisCAYNE CorriDor]

Anthony’s CoAl Fired pizzA: The first restaurant to introduce authentic ‘coal fired pizza’ to South Florida in 2002, Anthony’s Coal Fired locations can now be found in Florida and northeastern parts of the U.S. Each company owned storefront has become a staple for that ‘over-cooked flavor’ that’s the Anthony signature. In addition to fast cooking pizza (4 minutes flat to be exact), the restaurant serves up ‘family style’ meals complete with house salad and coal fired oven cooked wings. [Tri-CoUNTY]

FrAnkies: By far Miami’s oldest pizza shop, Frankies has been serving up classic style pizza pies for almost 60 years. This unique local spot has withstood the ebb and flow of changes, trends, and misfortune that have taken Miami, yet remains near and dear to the hearts of Frankie Fanatics. This family owned operation stays true to its classic roots, and is surely a testimony to their customer loyalty. From a small business perspective, Frankie’s has pioneered the ‘half-baked’ market – allowing consumers across the country to order pre-made pies that can be shipped and cooked right at home. now, that’s a brilliant way to stay ahead of the game and build your customer base. [miAmi]

hArry’s pizzeriA: Putting a modern twist on the classics, chef and owner Michael Schwartz has created a gourmet style menu that has even the most elated pizza lovers coming back for more. Ingredients such as braised short ribs, oyster mushrooms, and lamb are just a sampling of the components found at harry’s. And if the creative foodie options aren’t enough, visitors can enjoy an extraordinary ‘Chef Pop-Up Dinner’ experience that’s introduced once a month. The concept is simple, yet innovative - talented friends of the chef are invited to create a special one-night menu at harry’s, infusing concepts from their cooking background and the vision of harry’s. Dining on this special evening is first come-first serve, making it a highly coveted event at around $150 per person. [DEsigN DisTriCT]

lemoni pizzA & kitChen: Dedicated to reinventing the pizza industry, Lemoni Pizza & Kitchen’s menu still contains a few traditional Italian options, but chooses to concentrate efforts on health-conscious recipes for customers. Chef Dahrouch explains, “what we eat is important to our health and there are more and more vegetarian and vegans who unfortunately don’t have many options. Most of the dishes on the new menu are vegan or vegetarian.” Lemoni is one of the few pizzerias that

The ever-increasing movement of health awareness, food allergies, fitness trends, and overall quality of life has been a motivating factor for change to keep pizza at the forefront of foodie’s minds – and mouths. Taking a look at a few of the most popular pizza joints in our own backyard, we get the 411 – or shall we say 305, 954, and 561 – on what sets one pizza apart from the rest.

AMERicAS fAVoRiTE fooD - PiZZA!

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has engaged with this new ‘cleaner-eating’ movement, which has propelled business and customer loyalty tremendously. [DEsigN DisTriCT]

luCAli pizzeriA & Wine BAr: In search of a chic ambience while dining on a slice or two of pizza? Look no further than Lucali Pizzeria & Wine Bar. Much more than your typical pizzeria, and perhaps a bit more on the pricey side, this quaint Miami Beach location is a second storefront for the Brooklyn original. Aside from serving up authentic Brooklyn style pizza with the freshest ingredients, the health conscious kale ceaser salad is also wildly popular. Paired with a staff well versed in fine wines offering

advice and tastings for the perfect pie pairing, the overall experience makes Lucali’s a fantastic upscale venue for date night or special occasion. [miAmi bEACH]

melloW mushroom: A newcomer to the South Florida pizza market, Mellow Mushroom has established enormous success across the country. Opening in The Shops at Sunset Place. This 70’s style, hippie-esk décor franchise – oh yes, we’re talking mushroom lamps and vibrant colors for days – offers a slew of hand tossed pizza combinations, including gluten-free dough options and an entire vegan menu. They’ve been ‘keeping it mellow’ since 1974, with no plans of fizzling out anytime soon. [soUTH miAmi]

primAnti Brothers: This laid back concept has a rich history dating back to the 1930’s. While the Pittsburgh native diner is primarily known for its famed french-fry stuffed sandwiches, Primanti Brothers also dishes up made-from-scratch pizza pies, the Italian way: fresh ingredients and secret spices. Its three South Florida locations are open 24 hours, 7 days a week, making for a trendy late-night spot that has been featured on countless TV channels, including Food network. [forT lAUDErDAlE]

AMERicAS fAVoRiTE fooD - PiZZA!

54 TERRANOVA

spris: Perhaps the most critically acclaimed pizzeria in Miami, Spris has been named “Miami’s Best Pizza” by Miami new Times and has been considered the city’s “Best Gourmet Pizza” by the SunPost for four consecutive years. Its’ chefs have trained at the finest culinary schools of northern Italy, which attest to the rich Italian flavored dishes seen at Spris on Lincoln road. A trendy location for visitors and locals alike, the sole Spris restaurant is located on Lincoln road – perfect for a quick bite or leisurely dining experience while people watching on Miami’s most famous street. [liNColN roAD]

stAnzione 87: Sometimes sticking to the basics is the best way to go. Such is the case with Stanzione 87, whose focus stays true to classic neapolitan tradition and perfecting the art of pizza making. The difference - remaining focused on quality, this Brickell based restaurant imports the finest ingredients from Italy, crafts in-house mozzarella daily, and supports the South Florida economy by incorporating locally picked organic produce into its dishes. [briCkEll]

steve’s pizzA: Steve’s has become a wildly popular local late-night hang out, predominantly in lieu of its’ thin crust new York style pizza and highly esteemed garlic rolls. While this ‘hole-in-the-wall’ establishment may not have anything out of the ordinary taking place, celebrities and locals alike find Steve’s sweet sauce simply irresistible. [NorTH miAmi]

no matter how you slice it, pizza will remain an American favorite and with new pizza shops popping up, competition for the best pizza in South Florida is fierce. Whether it be an old favorite or a new gem, pizza will continue to be a popular staple in American cuisine.

so wHAT’s YoUr fAvoriTE PiE? if YoUr PizzA joiNT DiD NoT mAkE THE lisT, TwEET Us @terranovacorp AND lET Us kNow wHAT’s sPECiAl AboUT YoUr fAvoriTE.

AMERicAS fAVoRiTE fooD - PiZZA!

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Chill-N is the most delicious, laid back, wicked smart, cooler-than-a-polar-bear's-toe-nails-but-not-having-anything-to-do-with-toe-nails ice cream on the planet. This planet.

Earth. But it's probably better than all of the planets.

8271 SW 124th St.Miami, Fl 33156786.732.6988

17831 Biscayne BlvdAVENTURA, FL 33160

786.913.3313

LOCATIONS:

www.chillnicecream.com

I mean, it's NITROGEN ICE CREAM.

56 TERRANOVA

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@terranovaCorP