Morgan Stanley Is Buyer Of $342 Million Lincoln Road Portfolio; Terranova To Manage Redevelopment
Morgan Stanley Real Estate Investing closed on the purchase of six Lincoln Road and Lincoln Lane properties for $342 million. The sale is one of the highest value real estate transactions in Miami history.
Acadia Realty Trust is the seller. Terranova Corp. affiliates retain partial ownership of the properties.
Terranova will act as a managing partner and is overseeing redevelopment of three properties, some of which has already been approved by the Miami Beach Historic Preservation Board.