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Sunday, May 17, 2009

Palms at Town & Country to include Loehmann's

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Miami Beach, Florida - Our Net Lease Properties information is from the exciting, vibrant Miami Beach area. A Miami Net Leased Property is having a major renovation. The Net Leased Property is owned by TIAA-CREF. The Miami Net Leased Property is called the Palms at Town & Country. Initially the redevelopment is an addition of a Nordstrom Rack, which will net lease possibly 33,799 square feet. Previous reports on this Nordstrom Rack was that they would lease 26,757 square feet of this net leased property. The redevelopment stage with Nordstrom Rack should open sometime in October of 2009.

The Miami Net leased Property, Palms at Town & Country, is a 400,123-square-foot, open-air retail shopping center. This NNN Commercial Real Estate development is currently under construction. The Miami Net leased Property is located at 8268 Mills Drive in Kendall, a growing suburb in Miami Dade County.

Nordstrom Rack will sell apparel and accessories for men, women and children at this open-air Mediterranean-themed retail shopping center. Nordstrom Rack is normally in business, selling apparel and accessories at 30% to 70% off the standard retail price. Nordstrom Rack has been in net lease properties in the Seattle, Washington and California area for over a decade.

The Miami Net leased Property, the Palms at Town & Country is being redeveloped by Flagler Development Group. The commercial real estate developer, Flagler Development Group, is very experienced. The Coral Gables-based Flagler Development Group owns, develops, leases and holds in joint ventures over 9.1 million square-feet of Class-A office and industrial property space. The commercial real estate developer also is involved with an additional 1.2 million square-feet of property that is currently under construction.

Coral Gables-based Flagler Development Group space consists of Class-A office and industrial properties, primarily in Jacksonville, Orlando, Ft. Lauderdale and Miami. Flagler Development Group also owns 921 acres of entitled Florida Commercial Real Estate land. This Florida Land is held directly and through joint ventures (JV), which is available for development of up to an additional 16.5 million square-feet.

The Miami Net Leased Property will have an excellent list of Tenants when completed. The new Florida lifestyle center will house fine restaurants and specialty stores. This retail district is referred to as the new “Downtown Kendall”. The Palms at Town & Country began leasing to retailers such as New York & Company, Marshalls, Men’s Wearhouse, Kohl's, Nine West Outlet, Publix, Kirkland’s, Outback Steakhouse, Toys “R” Us, CVS Pharmacy and 24 Hour Fitness.

This Miami Net Leased Property features a Professional - Medical Arts Center and a cozy boutique hotel overlooking one of Miami-Dade County’s most pristine lakes. The Miami retail shopping center is situated on a 75 acre Florida parcel. The Miami Net Leased Property is ideally positioned at the junction of the high traffic area with the Florida Turnpike and Kendall Drive. We are not aware of the Net Lease Funding for the current construction phase on the Miami net leased property.

The net leased property owner, TIAA-CREF is one of the largest institutional commercial real estate investors in America. These commercial real estate investors manage a global investment property portfolio totaling over $65 billion. TIAA-CREF originated its first commercial loan in the year of 1934 and then started to invest in NNN commercial real estate in 1947. Today, TIAA-CREF Global Real Estate invests in and actively manages commercial real estate on behalf of individual clients and institutional clients across the globe. TIAA-CREF's Global Investment property portfolio consists of over $22 billion in equity investments in office buildings, retail net lease properties, and industrial properties situated across the United States, Canada and Western Europe.

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