TERRANOVA www.terranovacorp.com | 305.695.8700 801 Arthur Godfrey Road, Suite 600 Beach, FL 33140 BY THE NUMBERS LINCOLN ROAD - Between Alton Road and Washington Ave. 525,477 sf 6.2% $203.34 of AVERAGE VACANCY RATE Inventory ASKING NET RENT

COLLINS AVENUE - Between 5th Street and 10th Street 201,297 sf 4.3% $88.56 of AVERAGE VACANCY RATE Inventory ASKING NET RENT OCEAN DRIVE - Between 5th Street and 15th Street. 165,768 sf $97.53 of 3.0% VACANCY RATE AVERAGE Inventory ASKING NET RENT MIRACLE MILE - Between Le Jeune Rd. and Douglas Rd. 440,886 sf $44.60 of 6.2% VACANCY RATE AVERAGE Inventory ASKING NET RENT

LAS OLAS BOULEVARD - Between SE 6th Ave. to SE 16th Ave.

367,803 sf 5.3% $36.17 of AVERAGE VACANCY RATE Inventory ASKING NET RENT

CLEMATIS STREET - Between Olive Ave. and Quadrille Blvd.

329,086 sf $23.22 of 12.2% VACANCY RATE AVERAGE Inventory ASKING NET RENT WORTH AVENUE - Between Ocean Blvd. and Coconut Row

319,387 sf $75.61 of 2.4% AVERAGE VACANCY RATE Inventory ASKING NET RENT

FLAGLER STREET - Between Biscayne Blvd. and NW First Ave. 372,541 sf $29.25 of 10.1% VACANCY RATE AVERAGE Inventory ASKING NET RENT

SOUTH MIAMI - Between US-1 and SW 57th Ave. 244,082 sf 0% N/A of AVERAGE Inventory VACANCY RATE ASKING NET RENT TAKING TO THE STREET: URBAN RETAILSCAPE IN SOUTH Occupancy and asking rents have renovation and revival, compared to kept an upward trend in South the other streets. Florida’s retail streets, with Lincoln Road continuing to exceed in rental Worth Avenue continues to levels. New energy is apparent in rank as the top high-end shopping all South Florida retail streets, destination street in South Florida, from posh Worth Avenue in Palm packing upscale designer-name Beach to gritty Flagler Street in stores corner to corner like no other downtown Miami, two streets newly street. Its stores serve its immediate included in this annual report, surroundings in the affluent Town and which illustrate the challenges of Palm Beach as well as visitors and conquests at the two extremes who seek it out as a luxury shopping of the urban street experience. destination. As such, it isn’t Avg. Avg. Vacancy Vacancy Percent Retail Street Asking Asking Rate Rate Change Rent 2012 Rent 2011 2012 2011 Lincoln Road $203.34 $151.40 34.3% 6.2% 4.0% Las Olas Blvd $36.17 $29.15 24.1% 5.3% 10.2% Miracle Mile $44.60 $39.04 14.2% 6.2% 6.6% Clematis Street $23.06 $22.88 0.8% 12.2% 14.3% Ocean Drive $ 97. 53 3.0% Collins Avenue $88.56 4.3% Worth Avenue $75.61 2.4% Flagler Street $29.25 10.1% Sunset Drive N/A** 0.0% * Streets without 2011 figures were introduced in report this year ** No available space fronting Sunset Drive

Flagler Street is shedding its surprising that it exceeds rents rundown image slowly but surely, and occupancy when compared to as the entire downtown Miami area shopping centers in the submarket undergoes a major residential and where it happens to be located. commercial renaissance, including However, it doesn’t command the the addition of thousands of new highest rents among South Florida condo units, hundreds of hotel rooms retail streets. One challenge for and new high-profile office towers. Worth Avenue is that population is Flagler Street’s 10% vacancy, much decreasing in its immediate trade higher than the 2.7% of shopping area, the Town of Palm Beach. centers in its submarket, reflects Further, other venues in South the street’s much earlier stage of Florida, such as Aventura Mall and Village of Merrick Park, are asking rents. increasing the presence of high-end store. Ocean Drive and Collins Avenue, two other Miami Beach retail streets Sunset Drive in the city of South that bring retail to sidewalk level, Miami is another new entry in this rank second and third on asking report. Sunset Drive has long been rents, behind Lincoln Road. These a stroll-and-shop street favored two streets also capitalize on Miami by nearby locals, but its appeal has Beach’s profile as an entertainment gained fresh momentum due to new, and cultural destinations. Locals modern restaurants that draw a as much as tourists enjoy the buzzing nighttime crowd, especially restaurants along Ocean Drive, while on weekend nights. Its zero Collins Avenue, like Lincoln Road, availability reflects a relatively small is a showcase for retailers to expose inventory, long-standing leases still their brands to visiting tourists from in effect, and aggressive leasing by around the world. its landlords. Las Olas Boulevard exhibits Lincoln Road in Miami Beach noticeably higher occupancy and continues on an upswing. Two asking rents in 2012, showing a new high-profile additions are new strong recovery from the previous flagship stores for fashion retailers year, which had seen increasing Forever 21 and H&M, two of the vacancy and dropping rents. Las most successful store chains to Olas also is showing strength in rents emerge in the fashion industry in and occupancy when compared to recent years. H&M is building its shopping centers in its submarket store on the former Lincoln Theater and its county. Landlords have added site, whose main tenant New World many new tenants to the street’s Symphony relocated to a new, state- staple of unique and local merchants, of-the-art facility one block north of increasing Las Olas’ appeal to the Lincoln Road. many tourists who make it a sure stop, as well as to locals who favor it Indeed, the character and appeal for business and nighttime dining. of Lincoln Road is spilling over to its surrounding streets, spurring Miracle Mile is showing slightly redevelopment and renovations that higher vacancy rates than shopping will accommodate many retailers and centers in its submarket, an restaurants unable to find suitable indication of the tilting balance space and rents on Lincoln Road. between occupancy and rents at any Lincoln’s vacancy rate has gone up, given time. However, Miracle Mile compared to last year, which might continued an upward trend in rents be a temporary situation or a new when compared to itself last year, vacancy norm for the current level while its vacancy remained virtually of asking rent. Lincoln Road’s ample flat. The single-digit vacancy rate and outdoor seating space contributes to the growing popularity of many of its its higher rents, as landlords figure new eating establishments suggest it the sales from that space into their can sustain the higher rents. Rent and Vacancy in Street Retail Space vs. Shopping Center Space

Avgerage Average Vacancy Vacancy Retail Area Asking Retail Area Asking Rate Rate Rent Rent Lincoln Road $203.34 6.2% Miracle Mile $44.60 6.2% Ocean Drive $ 97. 53 3.0% Sunset Drive N/A 0.0% Collins Avenue $88.56 4.3% Flagler Street $29.25 10.1% South Miami Miami Beach Submarket Submarket $25.37 5.5% $35.08 2.7% Shopping Shopping Centers Centers Miami-Dade Miami Dade County County Shopping $25.79 5.5% $25.79 5.5% Shopping Centers Centers Clematis $23.22 12.2% Las Olas Street $36.17 5.3% Boulevard Worth $75.61 2.4% Avenue West Palm Dania/So. Fort Beach Lauderdale $24.61 5.1% Submarket $19.57 14.0% Submarket Shopping Centers Palm Beach Broward County County $20.74 11.7% $21.10 13.0% Shopping Centers Shopping Centers South Florida Retail Streets Snapshot

Avg. Total Number Vacancy Retail Street Asking Inventory of Rate Rent 2012 (sq ft) Blocks Lincoln Road, Miami Beach $203.34 6.2% 525,477 15 Ocean Drive, Miami Beach $ 97. 53 3.0% 165,768 10 Collins Avenue, Miami Beach $88.56 4.3% 201,297 10 Worth Avenue, Palm Beach $75.61 2.4% 319,387 6 Miracle Mile, Coral Gables $44.60 6.2% 440,886 8 Las Olas Boulevard, Ft Lauderdale $36.17 5.3% 367,8 0 3 13 Flagler Street, Miami $29.25 10.1% 372,541 11 Clematis Street, West Palm Beach $23.06 12.2% 329,086 7 Sunset Drive, South Miami N/A* 0.0% 244,082 7 *No ground retail space available

Clematis Street improved its building inconsistency in upkeep and occupancy slightly and is raising its appearance. But local governments profile with the addition of several for years now have recognized and new popular establishments, such embraced the value and appeal of as Duffy’s Sports Bar and Five Guys original retail street destinations, Burger and Fries. Clematis Street is investing resources to enhance faring slightly better in occupancy and renew their attractiveness to than its submarket and its county, shoppers, tenants and investors. with a higher average rent than both, reflecting the underlying strength More retailers are getting over of many of its tenants, particularly the unorthodox store layouts restaurants old and new where found in street buildings, as they lunch crowds are a staple. It is an perceive the market opportunities encouraging trend for Clematis, a in street locations, which are the recognized nighttime spot that in original mixed-use, live-work-play recent years has diversified its profile settings now emulated by many and broadened its appeal with the new developments. Retail street addition of a government building landlords face the challenge of that contains a public library and a balancing the need for financially modern café and photography shop. strong, national tenants that are able to afford rising rents, with the appeal South Florida’s retail streets keep of unique local tenants that give the increasing in popularity as they street a homegrown, local character. meet the challenges all urban retail Retail streets typi cally harbor city streets face. By having multiple history, contain some of its better owners, older construction, and known landmarks, and provide an municipal control over parking and element of authentic community to traffic rules, street retail presents the shopping experience. block-to-block and even building-to- SLVR store replaced Inkanta at 1111 Lincoln. Vault, a retailer of LINCOLN ROAD watches and eyewear opened at 1024 Lincoln, replacing Jonathan Adler, which relocated to the design district. Place Vendome closed at 934 Lincoln. 920 Grill opened at the former Eno’s Wine Bar space at 920 Lincoln. Lincoln Road Travelware replaced Collection Privee at 918 Lincoln Road. MET in Jeans replaced Energie at 826 Lincoln. Sunglass Hut will replace Miss Sixty at 845 Lincoln. Clothing Lincoln Road continues to be boutique A-7 replaced Astoria South Florida’s strongest retail Couture at 837 Lincoln. Koto, an street, its asking rents moving eclectic gift shop, replaced I. Strada at steeply upward every time new 811 Lincoln. Dylan’s Candy Bar, space becomes available. The by Ralph Lauren’s daughter Dylan redevelopment of the former Lauren, replaced Ghirardelli at 801 Lincoln Theater is underway Lincoln. Miami dal Toro Bistro to convert it to a signature is under construction at 719 Lincoln, H&M store opening November replacing World Resource Café. 2012. Its former tenant, World Brilliance New York, a cosmetics Symphony, relocated to its store, replaced Gallery déjà vu at 631 new headquarters building one Lincoln. Soho, a clothing boutique, block behind the theater. Also replaced Lincoln Road Fine Arts underway is the construction at 627-629 Lincoln. Off the Wall of a new Forever 21 flagship closed at 609 Lincoln. Fly Boutique store on the 700 block. A closed at 650 Lincoln, and relocated spillover effect is visible, and to 1634 Euclid Ave. Il Bolognese the city is evaluating proposals replaced Starfish Restaurant at 626 for redevelopment of three Lincoln. Handbag retailer Bagghy parking lots along Lincoln replaced shoe retailer Morgan Miller Lane one block north. Lincoln at 618 Lincoln. Electric car retailer Road’s vacancy rate of 6.2% is Tesla will open a showroom at higher than 4% in 2011, but that 511 Lincoln Road. Five Napkin might have to do with a spike in Burger replaced Follies at 455 average asking rent to $203, up Lincoln Road. Miss Yip restaurant 34% from $151 in early 2011. replaced SoBe Factory Outlet at 437 Lincoln Road. Scotch & Soda MERCHANT MOVES: opened at 442 Lincoln, formerly the New space at 541-555 Lincoln site of Christian Audigier. A Miguel will include 100 Montaditos, a Paredes gallery opened at 412 Spanish sandwich and beer quick- Lincoln, formerly the site of Samy serve restaurant, and Savon, a Style. skin care products retailer. Adidas COLLINS OCEAN DRIVE AVENUE

One block west of Ocean Drive, Ocean Drive is lined with Collins Ave. has carved an hotels and a smattering of identity as a retail street since condo buildings, whose ground 1996, when the first boutiques floor establishments spill over opened. Today, the blocks to the sidewalk for some of between Fifth and Tenth streets the liveliest eating, shopping are lined with mass market and people-watching in designer names, such as South Florida. Restaurants Kenneth Cole, Steve Madden, dominate this street, with Tommy Hilfiger and Nicole some fashion and art stores Miller, as well as standards like speckled in between. Signature Gap and Victoria’s Secret. This establishments include News is the least pedestrian-friendly Café, Lario’s on the Beach and of all the streets, but it feeds off the Clevelander. Occupancy is the walking traffic from Ocean tight, but spaces available in Drive. the larger complexes on the northernmost end of the street MERCHANT MOVES: add up to a 3% vacancy, with an Aroma Espresso Bar is average asking rent of $97.53. opening at 540 Collins Ave. MAC Cosmetics relocated from 650 MERCHANT MOVES: Collins Ave. to 673 Collins Ave. High Club Miami opened Simon’s Sportswear replaced at 524 Ocean Drive. Tanino Athlete’s Foot at 604 Collins. Quick Lamborghini will be opening at Silver replaced Ralph Lauren at 1412 Ocean Drive. Gallery Déjà 640 Collins Ave. Vu closed at 1390 Ocean Drive.

DEMOGRAPHICS Lincoln Road, Collins Avenue and Ocean Drive are in the North Miami/Beaches submarket. This submarket has an estimated 2012 population of 223,015. Median to replace Dan Marino’s Fine age is 40 and average household Food and Spirits, which closed in income is $63,338. Population Shops at Sunset Place. Menchie’s in this submarket declined 1.9% Frozen Yogurt opened at 5744 between 2000 and 2012. Daytime Sunset. LuluLemon Athletica population in this submarket is opened at 5734 Sunset. Argentinian estimated at 109,743. deli/bakery Patagonia opened at 5861 Sunset. SUNSET DRIVE MIRACLE MILE

Sunset Drive has long figuredas Average asking rent on Miracle pedestrian friendly, but of late Mile continued an upward it has gained new momentum trend to $44.60, up 14.2% from that is spilling over to nearby $39 a year before, with vacancy blocks. Just off Sunset, new dropping slightly to 6.2%, parking facilities and the compared to 6.6% a year before. opening of several crowd Fourteen new merchants have pleasing restaurants such as opened or announced openings George’s and The Town have on the western half of the infused the area with nighttime street, while the eastern half buzz and ease of access. Wine got new life with the opening tasting, gourmet dining and of Cibo Wine Bar, a new people gazing are now part European style café and two of the scene, while Shops at new fashion tenants. Despite Sunset Place, anchored by the closing of Priscilla as part AMC Movie Theaters, widens of the chain’s liquidation, the choices and provides a hang- street continues to preserve a out place for the younger set bridal destination character and families with children. At with the opening of two new the time of this report, there bridal related stores, while new was no vacant space fronting lunch, dinner and hang-out Sunset Drive. offerings continue to emerge.

MERCHANT MOVES: MERCHANT MOVES: The Pub is said to be in the works Rosa Clara bridal store will replace Carroll’s Jewelers at 361 opened at 347 Miracle Mile. Miracle Mile. Julie Polanco Bridal Accessories replaced Ace DEMOGRAPHICS Couture Fabrics at 341 Miracle Mile, Sunset Drive and Miracle Mile are while bridal store Priscilla closed in the South Miami submarket. at 340 Miracle Mile. The former This submarket has an estimated Le Provencal restaurant space 2012 population of 318,544. Median at 382 Miracle Mile is said to be age is 44 and average household undergoing work for an Arabian income is $71,964. Population in Nights restaurant. House of this submarket grew 14.8% between Appliances replaced Roche Bobois 2000 and 2012. Daytime population at 360 Miracle Mile. Victoria’s in this submarket is estimated at Collections closed at 293 Miracle 234,517. Mile. Taha Shoes replaced Signature Shoes at 269 Miracle Mile. The Dome Restaurant Bar LAS OLAS & Lounge opened at 271 Miracle Mile, replacing Jossie’s Couture, BOULEVARD which had relocated to 295 Miracle Mile. Edible Arrangements opened at 239 Miracle Mile, where Rudma Picture was formerly located. Victoria’s Design and Iris Optique closed at 241 and 225 Miracle Mile, respectively. Violetas, a porcelain and glass items gift store, replaced Cybele at 223-A Miracle Mile. Shoe store Dulce closed at 286 Miracle Mile. Las Olas Boulevard is reversing Snow Jewelers is relocating from its recent downslide, with 299 Miracle Mile to 270 Miracle Mile, more than 20 new merchants where it will replace Guayaberas opening shop or announcing Etc., which relocated to 401 Coral openings over the past year. Way. The Burger Joint replaced A vacancy rate of 5.3%, Fat Burger at 232 Miracle Mile. 100 compared to 10.2% a year Montaditos will replace Baja Fresh before, is reversing a drop in at 230 Miracle Mile. Cibo Wine average rent, now at $36.17, Bar replaced Sports Exchange at up 24.1% from $29.15 a year 45-51 Miracle Mile. Clothing store before. Las Olas abounds with U Collections replaced The Angels local art galleries, restaurants, Ring at 86 Miracle Mile. Dress shop nightclubs and stores, and Frankie replaced Smile Beauty although Chico’s and Sunglass Salon at 80 Miracle Mile. L’Arte Hut are found here, this street del Buongusto Café replaced has a minimal presence of Chuao Chocolatiers at 70 Miracle national chains, making it an Mile. Home Run Real Estate authentic Fort Lauderdale shopping and dining replaced Body Gear at 1239 E. Las experience. Long-established Olas. Myra Designs replaced local landmarks include the Iren Iren Salon at 1261 E. Las Olas. Floridian Restaurant and the M Bar replaced Boulevard Café at upscale clothing store Maus & 1301 E. Las Olas, and Mancini’s Hoffman. will replace Cathode Ray Club at 1307 E. Las Olas. Bohemian Style MERCHANT MOVES: replaced Ikenga at 1309 E. Las Olas. Cosy Life Collection replaced Performance Audio Video will Casa Chameleon at 619 E. Las open at 1304 and The Archives, a Olas. Blue Gallery opened at sneaker boutique, will open at 1306 713-A E. Las Olas. One Click, an E. Las Olas, both stores replacing Apple specialist, is opening at 717 AMC Furniture Outlet. La Bella E. Las Olas, replacing Ivonne de la Boutique replaced Coast 2 Coast Vega. American Social Bar & Media at 1400 E. Las Olas. Oxxo Restaurant replaced Sue Gordon Cleaners opened at 1501 E. Las Bridal at 719-721 E. Las Olas. Olas. Las Olas Tattoo Company Optimystic Eyewear closed opened at 1509-B E. Las Olas. Tele at 803-B E. Las Olas. Cheese Mico replaced Magnum Opus Culture replaced Objets d’Art at Audio at 1511 Las Olas. DaVinci 813 E. Las Olas. Yogurt Ur Way Realty replaced 1st Choice Realty replaced Aldo’s at 806-A E. Las at 1515 E. Las Olas. East End Eats Olas. Bellagio International opened at 1523 E. Las Olas. Gallery opened at 806 E. Las Olas, replacing Needlepoint DEMOGRAPHICS Originals, which relocated to Las Olas Boulevard is in the Dania/ 806 E. Las Olas. J. McLaughlin So. Fort Lauderdale submarket. replaced American Royal Arts at This submarket has an estimated 808 E. Las Olas. Zart Group 2012 population of 113,511. Median opened at 1011-1015 E. Las Olas, age is 41 and average household replacing Saba Gallery, which income is $69,213. Population in relocated to 702 E. Las Olas. Udder this submarket grew 3.6% between Sweets replaced Galleo Belgian 2000 and 2012. Daytime population Chocolates at 920 E. Las Olas. Las is 138,474. Olas Wine Café replaced Las Olas Café at 922 E. Las Olas. Mika Fine Arts replaced Paradise Art at 1016 E. Las Olas. Flora Ottimer Children’s Boutique relocated to 1034 E. Las Olas, replacing RL 52 Realty & Gallery. Tundra Las Olas restaurant replaced Martinis Mancini’s at 1017 E. Las Olas. Vero Design closed at 1209 E. Las Olas. Veloce will replace Euro Antiques at 1233 E. Las Olas. Evoo Market replacing Vendome Factory Outlet CLEMATIS at 215 Clematis Street. Duffy’s Sports Grill replaced Forte De STREET Asprinio restaurant at 225 Clematis. Wine Dive replaced Muñoz Photography at 319 Clematis. The Market on Clematis, a gourmet liquor store, is under construction at 306 Clematis. Kabuki Sushi Thai Tapas replaced Mambo Italiano at 308 Clematis. Five Guys Burger and Fries replaced Diablo’s Liquor Stand and Liberty Tax replaced Legacy Fine Art at the multi-tenant 330 Clematis space. Palm Sugar Rents have stabilized on Grill and Dessert Bar Clematis Street, an eclectic replaced Bahama Mama’s at 340 mix of local foods, goods and Clematis. Café Sweets Bakery nighttime culture, and the will open at 505 Clematis. Lois street with the most local Brezinski Artworks opened tenants. Already enjoying at 527 Clematis. Union of Angels robust lunch business, opened at 537 Clematis. AG Hair Clematis’ eating scene has been Studio opened at 540-1 Clematis. further enlivened with several crispy new eating places, DEMOGRAPHICS including chain-strong Duffy’s Clematis Street is in the West Palm Sports Grill, Five Guys Burgers Beach submarket. This submarket and Fries, and Fuku, an Asian has an estimated 2012 population fusion restaurant whose of 262,880. Median age is 39 outlandish décor includes a and average household income is jellyfish tank. Also noticeable is $68,968. Daytime population new life on the 500 block at the is 176,555. Population in this west end of the street, where submarket grew 12% between 2000 a bakery and a new gallery and 2012. have opened within the past 12 months. Vacancy dropped slightly to 12.2%, from 14% a year before, and rents inched up to an average of $23.22, up 1.5% from a year before. A modest increase but still a good sign, as it follows a 16% drop between 2010 and 2011.

MERCHANT MOVES: Fuku, an Asian restaurant, is Worth Ave., replacing MacKenzie- WORTH Childs at 330 Worth Ave. Real estate office Brown Harris Stevens is AVENUE expanding to next-door space at 351 Worth, replacing Fiandaca. Holden Luntz Gallery relocated from Via Gucci to 332 Worth Ave. Mark Borghi Fine Art replaced Coach at 255 Worth Ave.

DEMOGRAPHICS Worth Avenue, located in the island of Town of Palm Beach, technically falls in the West Palm Beach submarket, the same as Worth Avenue in the Town Clematis Street. However, its high- of Palm Beach figures as the end merchants target its immediate high-end street par excellence, trade area on the island itself, as containing more designer- well as high-income visitors from name boutiques than any other outside. Population on the island in street in South Florida. It is 2012 is 8,127, with a median age of anchored by Neiman Marcus 66. Average household income in and Saks Fifth Avenue on its the Town of Palm Beach is $169,769, east end, and contains the only and median age is 66. Daytime street level Tiffany store in population is 13,860. Population on South Florida. Other tenants the island decreased 22% between include Escada, Ferragamo, 2000 and 2012. Gucci and Valentino. Galleries, restaurants and exclusive fashion stores complete the mix on Worth Avenue, considered the Rodeo Drive of the South.

MERCHANT MOVES: Lacoste closed its store at the 150 Worth complex, its space replaced with watchmakers Panerai and Hublot. 150 Worth also added Cha Cha’s Restaurant, Worth Avenue Yachts and perfumer Caswell Massey. MacKenzie- Childs, a maker and retailer of hand crafted home furnishings, relocated from 330 Worth Ave. to 238 Worth Ave. Namesake fashion designer store Fiandaca relocated from 351 W. Flagler Street. Ramo Puig FLAGLER Guayaberas is under construction at 24 W. Flagler Street. Mexican STREET quick-serve restaurant Lime and a 7-Eleven opened at One Flagler Street. Pega Grill opened at 15 E. Flagler Street. Payless Shoesource closed at 65 E. Flagler Street, and opened at 141 E. Flagler Street. Metro PCS is opening at 14 NE First Ave. UPS Store, Giardino Salads, Body Minute and NYBD opened at 169 E. Flagler Street. Tre Italian Bistro opened Flagler Street, the traditional at 270 E. Flagler Street. Electric Main Street of downtown Avenue opened at 259 E. Flagler Miami, has long had a run Street. French bistro La Provence down, neglected profile. But opened at 247 E. Flagler Street. Mia the residential, commercial at Biscayne opened at and cultural renaissance Blvd. on the SW corner with Flagler enveloping its surroundings Street. is finally coming to bear DEMOGRAPHICS on Flagler, where renewed Flagler Street is in the South Miami spaces with modern stores submarket. This submarket has and restaurants are visibly an estimated 2012 population peppering the street. Flagler’s of 318,544. Median age is 44 eating options have increased and average household income considerably in the past few is $71,964. Population in this years, and while many tired- submarket grew 14.8% between looking storefronts remain, 2000 and 2012. Daytime population an ebb of new energy and in this submarket is estimated at investment is beginning a 234,517. transformation.

REDEVELOPMENTS: 22 E. Flagler Street has been renovated, now housing modern SURVEY PARAMETERS establishments Roho Cuban This is the third annual South Florida Caffe, Kork Wine & Cheese, report on street retail, based on a two- Avenue D Jazz Club, Froots, phase survey of all retail space in nine recognized retail streets. A field survey Simple Mobile and Dr. G’s and phone survey were completed Weight Loss. in February 2012. Average rents are asking net rents on available space or MERCHANT MOVES recently leased space. Total inventory includes the gross leaseable area on the Starbucks, Jimmy John’s and ground floor only. Mario the Baker opened at 47 Terranova Corporation, South Florida’s leading commercial real estate advisory firm, is involved with commercial real estate assets for its clients and its own portfolio, valued at over $1 billion. The company offers complete commercial real estate services, including asset and property management, leasing, tenant representation, acquisitions, dispositions, financing, construction management and development services. Terranova recent activities include:

• Represented landlord in a 10-year lease project in downtown Miami. with Brasserie Lincoln for 4,150 square feet on Lincoln Road in Miami Beach. • Represented landlord in three leases on Miracle Mile in Coral Gables, FL: a • Represented landlord in five deals 5-year, 2,840 square foot lease with 100 totaling 5,200 square feet at Cocowalk, Montaditos; a 10-year, 3,953 square foot an open-air shopping and entertainment lease with Men’s Wearhouse; and a 10- center in Miami, FL: a 5-year, 1,238 square year, 4,100 square foot lease with Panera foot lease with Maki’s Place; a 1,050 Bread. square foot deal with Guayabera World; a 1,027-square foot, 5-year lease with • Represented landlord in a 2,276-square Yogurtini; an 895-square foot, 5-year lease foot, 5-year lease with Beyond Nails at Red with Tervis Tumbler; and a 5-year lease Road Commons, a mixed-use retail and with sandwich kiosk Panini Grill. residential project in Coral Gables, FL.

• Joint ventured with Acadia Real Estate • Represented landlord in a $22.5 million for the $52 million acquisition of three refinancing deal for Suniland Shopping retail buildings totaling 61,000 square feet Center in Pinecrest, FL, after extensive on Lincoln Road, South Florida’s premier renovation and improvements in tenancy. urban retail street, and assumed leasing and management of the property. • Exclusive tenant representative in South Florida for California-based Anna’s Linens • Represented landlord in a 3,100 square and for South Florida-based BurgerFi, a foot, 5-year lease with 100 Montaditos at fast expanding gourmet burger chain. , a mixed-use retail and residential TERRANOVA www.terranovacorp.com | 305.695.8700 801 Arthur Godfrey Road, Suite 600 Miami Beach, FL 33140