Report: Miami retail buildings sell for $342 million

Miami Beach, Fla. -- Terranova Corp. and Acadia Realty Trust have reportedly agreed to sell six retail buildings on Lincoln Road in Miami for $342 million. According to the Miami Herald, the buildings were purchased for a combined $191 million in 2011 and 2012, marking a $151 million profit in a few years.



Tenants include Starbucks, Fossil, and A/X Armani Jeans. The deal is with an unnamed institutional investor and is not yet completed. It ranks as the most expensive retail real estate transaction in Miami history.