Terranova secures buyer for retail centers

Property anchors include TJ Maxx, Publix

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Terranova Corp. brokered the sale of two shopping centers totaling 294,875 square feet in Florida. The total value of the transactions was $40 million. In a deal that closed Aug. 2, 2004, a New Jersey partnership led by the Morris Cos. purchased Concourse Village, a 128,970-square-foot shopping center in the town of Jupiter in Palm Beach County, and Wedgewood Commons, a 165,905-square-foot shopping center in the city of Stuart in Martin County. Concourse Village, anchored by TJ Maxx and Ross Dress for Less, was 100 percent occupied at the time of sale. Wedgewood Commons, anchored by Publix Supermarkets, was 95 percent occupied. The Terranova team of Stephen Bittel, company chairman, and Scott Rohrbach, commercial associate in the capital markets division, represented the seller of the two shopping centers, a Miami-based partnership between Schiff Properties, Turnberry Associates and Lehman Bros. Terranova Corp. is a commercial real estate advisory firm operating in South Florida. ...