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Suniland Shopping Center in Pinecrest Sells for $56M Profit

Purchased for $10.4M

Terranova’s Suniland Associates Ltd. just sold Suniland Shopping Center for a whopping $66.5 million to Denver-based Dividend Capital Diversified Property Fund.

The 82,000-square-foot property was originally purchased beginning 22 years ago in two transactions, notes the release, in 1994 for $9.3 million and an out piece in 1996 for $1.1 million.

It's located off 112th Street and US1, with tenants including Flanigans, SunTrust, U.S. Post Office, CVS, and Wagons West, a longtime local favorite.

"We have been so proud to grow the value of Suniland throughout our holding period," Terranova Chairman Stephen Bittel said. "Suniland has always been and will continue to be the heart of the Village of Pinecrest. With great demographics and traffic and Terranova’s constant love and attention, we made magic."

The sale was brokered by Mark Gilbert of Cushman and Wakefield.